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Qualifying for a home loan HELP??? Anyone??? PLEASE!

Posted by on Apr. 8, 2009 at 9:00 AM
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Hello!

I'm hoping one of you ladies can help me.

I would really like to buy a home by the end of this year. Our lease is up in our apt in June, and we would like to stay with family until we find a house.

That is of course " IF " I get qualified. I've been working really hard over the last few months to clean up my credit and raise my score. Paying off old debt and etc. I've managed to raise it 50 points in the last 3 months. But.....my scores are still at 580, 601, and 555.

Do you think its even possible for me to buy a house this year??? I have a very good stable job working for the state, and I make a decent income.

I could easily put 3% or more down. What do you think?

Does anyone have any advice???

Do you think its possible after a few more months I can qualify?

by on Apr. 8, 2009 at 9:00 AM
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Replies (1-1):
MommyOnLI
by on Apr. 8, 2009 at 9:08 AM

you are going to have a VERY HARD time getting a loan with those scores, and if you do get one your interest rate is going to be sky rocket, and they will want at least 5-10% down.

my credit score is 720, 706, 718 and i still have problems.

thank god when we got the mtg it was under my DH and it was before the whole mtg fiasco.

they are going to ask, how long you have been at your job, and previous employment.

they will check bank accounts

its very hard to get a mtg loan.. good luck, but i would wait another year or more or when you can put down close to 20%

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