Credit Score in New London>Question Details

Gcmitchell, Renter in New London, CT

We have a very good income bur poor credit. What are the chances of us becoming home owners in New London?

Asked by Gcmitchell, New London, CT Thu Jul 8, 2010

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I can't stress enough you need to talk with a mortgage broker, a lender not a Realtor. With the "financial crisis" things have changes a lot in the past couple of years in regards to getting a loan. A good lender will walk you through your FICO score and your overall credit picture. Help you understand where you are at now and what you can do to increase it. The good news is in time, you can make it better and then go back to get/secure the loan. If you do not know of any lenders in your area, start with your Bank as many have incentives for their existing clients.
Good luck.
0 votes Thank Flag Link Thu Jul 8, 2010
With poor credit you will need a much larger down payment, without it, your chances are slim, teh only way you will know, is to meet with a local and trusted mortgage broker, they can prequailify you at no cost and let you know if there are any mortgage programs you can quailify for, if you do not quailify now, they can let you know what you will need to do so you can get quailified in teh future.

Please check out my blog on getting a mortgage

http://www.trulia.com/blog/scott_godzyk/2010/05/secrets_to_g…

MORTGAE TIPS AND SECRETS- HOW TO GET A MORTGAGE
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Jul 8, 2010
If you have poor credit, you are showing that you cannot handle your credit and finances responsibly. How in the world do you except to be responsible for the largest financial obligation you will ever have???
0 votes Thank Flag Link Thu Jul 8, 2010
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