Home Buying in 23602>Question Details

Joshua, Home Buyer in Newport News, VA

My credit score is around 700 and my husband is only 640, he went through bankruptcy and it will be 2 years gone this summer.

Asked by Joshua, Newport News, VA Thu Jan 24, 2013

Can we get a good interest rate with this scores. I do not think I will be able to get mortgage on my name because my income around 22K, he makes 2 times more then me.

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6
I agree w Dan. Interest rate is not the most important thing. Find out what you can afford and go from there. Rates in general are very good right now and even a "high" one will only be so high.
I know several lenders and if you need some guidance they can help.
Good luck

Misty Mount
Long and Foster
540 903 6686
1 vote Thank Flag Link Thu Jan 24, 2013
Joshua - There is a lender I've used who got a mortgage for a couple who not only had a recent bankruptcy, but also had a foreclosure that was less than 2 years prior! No other lender could do it but this one did and their interest rate was only 1/4% higher than the going rate. Neither of your scores are horrible so I think it's possible and certainly worth talking to someone who can tell you for sure. If you'd like me to put you in touch, just let me know.
0 votes Thank Flag Link Thu Jan 24, 2013
Rates are low. You will most likely still have a lower rate then homeowners who purchase before 2010 so you are still ahead. Credit score will not matter much in the overall picture and a good rate will not matter if the lender can not deliver. There is an average of 45 days between when you sign a contract and when you close and your mortgage team is hugely responsible for making that happen. Many lenders that advertise low rates are playing the number game. If they can get 10 buyers to use because they want low rates and only 4 close they have done good in their eyes. Rates are low if you go with the lowest rate in town you'll probably get what you pay for, and they could be Nothing. The best peice of mine is to work with the lender your agent recommend. They are on your team. You are the coach and they are your players and they play well together. You all have the same goal which is to get you in your house of choice.
0 votes Thank Flag Link Thu Jan 24, 2013
There are numerous factors that go into the determination of qualifying for a mortgage and what rate will be quoted. It is best that you speak with a professional mortgage lender and see what they have to say. I have several very qualified lenders that I usually recommend to my clients and would be happy to share their contact information with you. Either call me at 757-812-0399 or email me at jb4homes@gmail.com and I will send you their information.

John R. Beavers, Realtor
Heartland Realty LLC
0 votes Thank Flag Link Thu Jan 24, 2013
If you would like my help, I would be happy to put you in contact with a great lender than can answer all of your questions. You can email for details if you like.

Vicki Woody
Long & Foster Realtors
757-685-3842
Email: vicki@vickiwoody.com
Web Reference: http://vickiwoody.com
0 votes Thank Flag Link Thu Jan 24, 2013
Joshua,
Your rate will be historically very low, but it may not be as low is it could be if the credit was better. Rather than worry about getting "the best" rate, do your homework, talk to a few different lenders to consider the best total package of rate, fees and chances of successful closing.
Before I became a lender a few years ago (I'm not currently one though) all I focused on was rate, rate, rate. After doing several loans for people and brokering them through various sources I began to learn that getting an approval at an okay rate was superior to getting declined at an awesome rate. Results matter.
I would encourage you both to meet with an outstanding lender sooner rather than later. Just getting past the 2 year mark is the beginning of qualifying for a mortgage, there is much more. When a lender sees your complete application and credit report they can advise you what additional steps you can take to improve both the scores and your overall chance for approval. Between now and this summer your husband’s scores will be different, and so will yours. Learn how to improve them.
0 votes Thank Flag Link Thu Jan 24, 2013
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