I have bad credit but I will be able to put at least half down on a home. Will I qualify for financing?

Asked by Frankie, Cape Coral, FL Fri Jun 5, 2009

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, ,
Fri Jun 5, 2009
Frankie,

Thanks for the reply. The only thing that seems to be in your way is the scores. Most lenders require a 620. If your lucky, you might find one that is willing to go to a 540. You will take a rate hit or have to pay some points if you find one willing to take your score. If you payoff your old debts, your scores should rebound. The key is to establish some good tradelines (and keep them that way), like your car and mortgage.

It may take a couple of months, but it should be possible to get approved.

Danny
0 votes
Frankie, Home Buyer, Cape Coral, FL
Fri Jun 5, 2009
My score is in the 500 range. No forclosures or bankrupcy. My score comes from old credit card debt which I intend to pay off. I just want to know if there is any hope for me. I will more than qualify with my income. I have a secure job and I am only looking to mortgage 50,000 with 50,000 down plus closing. I am never late with my vehicle or current mortgage.
0 votes
, ,
Fri Jun 5, 2009
Frankie,

You will need to speak to a loan officer. Can you define bad credit? What are your scores?
Do you have any bankruptcies or foreclosures?
How much debt do you have?
What type of income do you have,etc?

Any good loan officer should be able to put together a pre-approval for you within 24 hrs.

Good Luck

Danny Castagna
Sr Mortgage Consultant
E-Mortgage Management
(P) 800-793-9633 ext 185
(F) 888-386-4071
http://www.emortgagemanagement.com
0 votes
David Chambe…, , Saint Petersburg, FL
Fri Jun 5, 2009
There are some other factors in getting a mortgage, you should talk to a mortgage broker.
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