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Asked by Hezekiah, Columbia, SC Sat Dec 20, 2008

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4
Page Latham, Agent, Columbia, SC
Sat Dec 20, 2008
Hezekiah,

A credit score of 749 is still very good and should still help you qualify. You can also obtain an additional credit card, charge a small amount each month, and pay it off each month. Talk to a finance expert to find other ways to improve your cretdit score. The banks are eager to lend money to qulified buyers right now. Call a reputable lender and find out where you stand! Good luck!
Web Reference:  http://www.pagelatham.com
1 vote
Page Latham, Agent, Columbia, SC
Sat Dec 20, 2008
Sounds like you have a lot more issues than just credit score. If your wife's score is high but she has no income, she will not qualify for a loan. If your credit score is low and you are deep in debt, and are on a reduced income, you will not qualify. Sounds like you have many things to work on before you will be ready to buy a home. Consult a financial advisor who can help you get on the right track. You have some work to do, but you might get there some day.
Web Reference:  http://www.pagelatham.com
0 votes
Hezekiah, , Columbia, SC
Sat Dec 20, 2008
Continued: Could I get the VA to finance me? The above is my wife's great credit that was lowered on a Matercard and VISA credit cards but my credit is worse with none of my derogatories on her credit reports. Thius is so embarrassing to me. We are tired of having $100,000 in rent receipts. Would they use her credit rating though she doesn't work? We have no downpayment as I lost my job and went to a poverty level for 5 years taking anything I could find at 1/3 my salary. I used my own credit cards to keep us in food and rent ( a very long time renter never late) and paid only for necessitites. When I ran out of credit cards I was $65,000 in debt!!! There is no way I can pay these people back though I had the intentions to do so. My last payments to them were 18 months ago and will let them "charge off" as someone suggested to me letting them lop off as my credit gets better, that's better than bankrupting them. Finally, a great job came open sending my income back up to where it was...$50,000-60,000 yearly. I had to buy a new car for my job and to save on over $4 a gallon of gas prices cost me payments of $350 a month at OUCH.....11.99%.
0 votes
Dana Schatzl, Agent, Quincy, MA
Sat Dec 20, 2008
There are still some options. Speak with a Mortgage Professional tosee what options are best for you. FHA loans are very popular these days as they were in the early and mid nineties. Many first time buyers are going with FHA mortgages, as they require lower down payments of 3%, although I believe that is going up to 3.5% starting in January. The Feds are also working on a plan to offer 4.5% fixed rate mortgages andit should be available by March or April. The Feds are hoping this will spark the housing market and help the economy.
0 votes
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