Improve your credit score. Talk to a local lender. Have your credit report pulled. See what is wrong. Then follow some specific steps your lender should be able to suggest to increase your score... over time.... more
You need to consult with your banker or a mortgage lender. Best way to pull up your credit score will be to pay down the debt and make sure your bills are paid on time. Keep only the cards you need. Try talking to a mortgage lender about some FHA loan options, this might be your best bet.... more
Most likely no. Virtually all lenders require a mid-FICO credit score (of three scores) or the lowest credit score of two scores to be at least 620. There may be a few that will go as low as 580, but I'm not aware of any who will go below that. You should focus on the issues that brought your credit scores down and resolve them before you look for a house to purchase.... more
A fico score over 800 should qualify you for the best interest rates. Lenders also look at loan to value, debt to income, location of the home-suburban/rural and size of the loan when they determine interest rates. Call up to three mortgage companies, banks or credit unions and compare the interest rates and closing costs that they are currently offering you. They cannot lock your interest rate in until you have submitted a contract but they can give you a close estimate at your interest rate and payment.
Its hard to determine how low your closing costs will be without knowing many factors. Get a few referrals of mortgage companies and compare them.... more
Isn't it strange how they will take your money immediately; but will not refund it immediately? Write a letter to them; to your credit union/bank and to the 3 primary credit bureaus. We need to stop this from happening. Be sure to look at the interest to see if it is correct since the note has been sold.... more
How bad is bad? If your scores are below 530, there's not much a bank can do. If above that, we have to see what your income allows you to borrow. I'm assuming you don't have a mortgage on the home now and are wanting cash out. You may use up to 85% of the value of the home on an FHA cash out deal. Where ever you decide to go, please remember that no one is allowed to charge you an application fee.... more
I am a credit consultant for many across the country need review entire report, "snap shot" does not assist, many factors come into play.
Contact my office schedule a telephone conference.
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
The Appraisal is an Estimate of Property Value done for the Bank or Lender.
Most appraisals today are governed by the new Home Valuation Code of Conduct
The most common Residential Appraisal Form is Fannie Mae Form 1004 / Freddie Mac Form 70
The Appraisal may now require the Market Conditions Addendum to the Appraisal Report
Best wishes to you,
good afternoon....big equity is really defined as the percent of equity not the amount of equity...or really ltv......loan-to-value....in your case, refinancing probably won't work with your credit score unless you are currently on an fha loan.you could do a rate and term streamlined refi and just pay off what you owe..in order to lower your rate......not all lenders can, but there are some that do not need credit scores to qualify you....if you are not on an fha loan currently.work on credit and try down the road to refinance..best regards.bob mcclure- success mortgage partners- plymouth, michigan.......... more
There are programs availab le; unfortunately, they run out of money. Email me and I will give you the number that I have for them.
Thank you and Have a Great Day!
Unfortunately since home equity loans are not sale-able to Fannie Mae, Freddie Mac, or FHA, approval guidelines and credit requirements are even more strict for this type of product. And in today's lending environment a 500 credit score will not qualify for any type of mortgage even under the most lenient of programs. No lenders really want to work with borrowers who pose a credit risk. As a matter of fact, every lender I know of requires at least a 680 credit score for a home equity/improvement loan
You may want to check with the city/county you live in to see if any assistance is available to make improvements. If that doesn't work, then the best advice I can give you is to work on boosting your credit scores into the 600-620 range, then maybe applying for an FHA 203k rehabilitation loan.
Best of luck... more
Your closing cost shoul be less than that I have one that we just got under contract yesterday and the closing cost are $5100 on a $171K property.
If your lender is trying to make you pay more than say $4500 I would question them and find a new lender.
Orgination fee $1000.00
Appraisal fee $ 400.00
Credit report $ 35.00
Processing fee $ 295.00
Tax service $ 82.00
Underwriting $ 495.00
Closing and $ 500.00
Title insurance $ 450.00
Mis Taxes $ 200.00
Escrow setup $ 800.00
Mis fees $ 250.00
Just estimates but something to look at i would get a good faith from at least 3 lenders don't put 3 applications in but give them your credit score and get the cost. I think $5900 is way out of line give me a call if you need 2 or 3 lender ref.
Barry Lynn Miller
This is from a Blog I have on Active Rain
Save or Borrow a down payment for purchase of Property
The numbers do not lie if you buy now it will cost you less thease numbers are based on saving over 700 per month and who can do that these days.
Information About You and the Home You Wish to Buy
Expected Period in House If You Buy Now 30 years
Estimated Property Appreciation Rate 4.00% per year
Income Tax Bracket 27%
Pre-tax Rate of Interest on Savings 5.00%
After-tax Rate of Interest on Savings 3.65%
Number of Months You Rent Before You Buy 48 months
Current Monthly Rent $650
Monthly Real Estate Taxes $55 per month
Monthly Home Owners Insurance $65 per month
Monthly Rental Insurance $35 per month
Loan Information Buy Now Save First
Purchase Price $200,000 $233,972
Down Payment $7,000 $46,794
Loan Amount $193,000 $187,178
Interest Rate 6.000% 6.500%
Loan Term (in years) 30 years 30 years
Monthly Mortgage Payment $1,157.14 $1,183.10
Monthly Mortgage Insurance Payments $154.40 $0.00
Buy Now Loan Balance Reaches 80% of Appreciated Value in Month 43
Points 1.00% 1.00%
Other Closing Costs $2,500 $3,000
Results - Assuming a 30 Year Holding Period Buy Now Save First
Cost of Rent $86,508
Cost of Renters Insurance $4,658
Cost of Lost Interest on Down Payment $13,890 $73,907
Cost of Points Net of Tax Savings $4,235 $3,550
Cost of Other Upfront Charges $7,461 $7,738
Cost of Monthly Mortgage Payments $754,856 $614,333
Cost of Monthly Mortgage Insurance Premiums $9,449 $0
Cost of Homeowners Insurance $42,402 $33,752
Cost of Property Taxes $26,192 $20,848
Less: Tax Savings on Mortgage Interest $123,322 $111,708
Less: Increase in Property Value $448,680 $414,708
Less: Reduction in Loan Balance $193,000 $137,296
Equals - Net Cost $93,482 $181,582
The Cost of Saving First Exceeds the Cost of Buying Now by: $88,100
Saving First Would be the Better Choice Only if Your Monthly Rent is Less Than: ($12)
Your complete real estate professional
Give me a call... more
VA is basically now at 620. I sugget going to http://www.annualcreditreport.com and go line by line and dispute anything that is wrong. This is 100% free and you don't have to sign up for anything. It is a free site from the government!
Once you've done that, within 30 days any issues will be clear and you should be able to buy.
I will run the credit scores for you for free in 45 days from when you do the above website cleanup!... more
That will depend solely on the contract you sign. Always have it reviewed by a Real Estate Attorney so he/she can tell you about the clauses. If you want to get easy access to attorneys for reviews, sign up for a pre-paid legal plan that allows reviews. These are generally month to month plans and that could save you hundreds of dollars.... more
The answer is yes. The state of Alabama also has programs such as the Alabama Home Assistance at http://www.ahfa.com/default.aspx?page=dpa
Your mortgage company would be the one to give you additional information that suits your finanical needs.... more