Financing in 21795>Question Details

Djackx, Home Buyer in 21795

my credit is not good, it is 520 my wife's is 611 what kind of a loan can we get 99,000.00 with 20% down

Asked by Djackx, 21795 Thu Oct 27, 2011

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It seems I am a little late in responding to your inquiry. I have no dog in the proverbial fight. I can tell you that Amy Wolff from First Guaranty Mortgage Corporation has been excellent to work with. Most importantly, she has navigated several clients through a variety of credit related issues. She can be reached at (240) 575-3416.


(301) 331-9530
0 votes Thank Flag Link Sun Oct 12, 2014
My company can most likely do t his loan for you. We would have to look at a few other items and it would depend on where the property is that you want to buy.
0 votes Thank Flag Link Fri Oct 28, 2011
Hi DJ,

You credit scores would not indicate a responsible use of credit. However you can get that back on track in as little as 6 months. Make your payments on time and pay down any balances that are close to your credit limit. Once you have a proven history of good payments you should be able to apply to any bank.
0 votes Thank Flag Link Fri Oct 28, 2011
If both incomes and credit are to be used, I don't believe you'll find a mortgage available right now. The lowest score that I see considered are down to around 580. If your wife is the primary wage earner, you may be able to proceed with just her credit and income.
The other consideration is to work on your credit. Paying down open balances to 1/3 of their limit, disputing derogatory reports and of course paying on time can improve your score fairly quickly.
I agree with others who have said the best answer will come when you meet with a lender and have them pull your scores. Sometimes the credit scores provided to consumers are not the same as the ones a lender will pull. Your situation may better or worse than you think. Meet with a lender and plan a strategy to buy.
0 votes Thank Flag Link Thu Oct 27, 2011
Unfortunately, at this time most lenders require a minimum of 620. Some will go down to 580 but it may costs more in rate or points. If you read the overviews on or other credit report agencies websites you will get alot of useful information to assist you on what path is best to take in getting your credit on the right track.
0 votes Thank Flag Link Thu Oct 27, 2011
Please add some clarification for us to help answer your question.

What's your wife income?
What are the total monthly payments on all credit-reported debts? (credit cards, car payments, student loans, etc)
Is she in a profession where she takes unreimbursed expenses and claims them on her/joint tax return?
Is the money to put down seasoned in a bank account or is it coming from elsewhere?

Help us help you with answers to the above.

Your 520 is far too low to be on a loan at this time, if you're looking at buying soon, your wife will have to go solo (of course you'd need a credit review by a loan officer who has in-depth knowledge of credit reporting/repair).
Web Reference:
0 votes Thank Flag Link Thu Oct 27, 2011

The best thing to do is talk to a mortgage profeasional and see what opportunity there is to raise the credit. Sometimes its a simple fix and sometimes it can take six months. Id like to look at your current situation and see if I could help you out.

Samson Doyle
0 votes Thank Flag Link Thu Oct 27, 2011
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