I'm seeing here on Trulia in the Q&A section a repeat of what I saw during the BOOM: consumers AND professionals trying to SHORTCUT their way to homeownership success. Have these people not learned anything from those terrible toxic mortgage loans?
If your credit is bad you should not borrow money to buy a home. Get your financial house in order before you ask a lender for a mortgage. This idea of "who does mortgages for scores below 620?" (or for that matter, taking out a high rate, or interest-only loan with the hope of refinancing later...) is the SAME IDEA that got us into this mess in the first place: lending to people who are not qualified to repay the loan.
Take your time to put your finances in order. Learn what a responsible HomeBuyer needs to qualify for and pay for a mortgage loan. Then work on those things---Income, Assets, and Credit---so you can make your dream come true the RIGHT WAY.
Good luck to you!
You need to speak to a mortgage banker and get yourself pre-qualified. There is no cost or obligation for such a service and you can have it done in minutes at just about any bank. The bank will want to see your last two years tax returns, last three months bank statements and they will also look at your credit report and debt. Then they will tell you if you can get a mortgage and how much you can borrow. They will also tell you how much the loan would cost each month and how much your closing costs will be. Then you will know what your in for and can shop for a home with confidence.
So get yourself pre-qualified and the rest will fall into place. Hopefully you will be able to get the loan. If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
You have options. Let me know when your ready!