Financing in Albany>Question Details

Brittany.woo…, Renter in Oneonta, NY

Trying to get a mortgage with a 626 credit score.

Asked by Brittany.woodward1219, Oneonta, NY Sun Jun 30, 2013

I am trying to get a $50,000 mortgage on a house. I was denied by one Modular Home company as I did not have long enough lines of credit. My scores were 616,636 and 646. My gross monthly income is 2040 by myself and another 1000 from my boyfriend who I am also trying to get on the mortgage. He however has no credit score as he has not used any credit. I have a paid trasaction from my highschool tuition, a credit card balance that was taken off due to my identity being stolen and my student loans which are currently deffered. I only made 2 payments before they were deffered. I just took out last month a car loan for 447 a month. I just made my first payment. I am looking into getting a secured credit card. I really want this house. Even if I get a prequal letter stating that in 6 month I will be given a mortgage that is okay. I want this so bad I am not sure what to do!!! I did post twice as im not sure what to put it under.

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Barbara Wagner’s answer
I think the problem is you went through the Modular Home Company. They are not mortgage brokers and probably only offer one or two products. When you deal with a mortgage broker, that person has at their disposal so many lenders and options, they can either find you a lender or give you step by step directions on how to qualify asap for one of their lenders. You will not get the same service from a modular home company who specializes in modular homes. The mortgage broker I work with has 25 years of experience, he charges NO FEES and you won't get better customer service. Let me know if you're interested! You can call me at 518-466-7127. Barbara Wagner
0 votes Thank Flag Link Thu Jul 4, 2013
Barbara,
Thanks so much for your response. I did contact a few brokers and also spoke to someone from quickenloans. They told me that in 3 months my student loans would be active for a year and they could then offer me a mortgage then. I am just worried that the house I want is going to get away.
It is not an active listing. The house was the parents and the kids just want to get rid of it. They live in Colorado. Do you think it would be an option to put a Contingent offer with a 72 hour clause in it? For 3 months from now when I can get the mortgage. I could do a $500 deposit for now. I just do not know if it would be an option.
Flag Thu Jul 4, 2013
Get capital one secured credit card with as little as $200 deposit. My credit went from 540 to 636 in just 5 months time.

I'm in a similar situation credit wise..I am the better of the two of me and my partner. I have slow credit he has none.

try that and call Homestead Funding for possible financing options in Albany, NY area.
0 votes Thank Flag Link Tue Nov 12, 2013
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