Question Details

Sandra Murin…, Home Buyer in New Jersey

Do I qualify for a mortgage, with the following conditions:?

Asked by Sandra Murindagomo, New Jersey Thu May 22, 2008

1. bad credit, score about 540
2. prove that I consistently paid my rent of $1,800 on time every time - never late - in the past 3 years
3. my income is about $90k per year
4. held the same job for the past 2 years

Help the community by answering this question:


Yes, you can qualify for a home loan. You need to qualify as full doc showing your income documentation for the last 2 years and have 2 months reserves in your bank account, 401k, etc (need to show assets). amount is based on the sales price of the home your buying. Call me for more information. I can help qualify you and tell you exactly how we can make this work.
0 votes Thank Flag Link Tue Jun 17, 2008

I specialize in helping people with their bad credit. I help them purchase or refinance their home:)

I might be able to help you too! Take a look for yourself.....…

Please email me with any mortgage or credit related questions that you may have....


Tino Muratore
0 votes Thank Flag Link Tue Jun 17, 2008

I wonder why your scores are where they are. Most banks are requiring a 580 middle credit score to write an FHA mortgage. Any thing lower than a 580 will take a manual underwrite and is on a case by case scenario. If your credit histroy has been good for the past two years FHA is going to be your best bet. I do agree that you should focus on getting your score up. I bet by making some minor things on your report you can increase your score.

Brent Bester
Mortgage Professional
0 votes Thank Flag Link Fri May 23, 2008

Everything except your credit score sounds terrific. Since you seem to know your credit history situation, is the score a systemic issue (lots of things), or is it specific to a certain event (divorce, bankruptcy, etc.)? You'll pay through the nose if you can get qualified for a loan today. If you can live with renting for a while, get the credit score resolved, and save for a down payment at the same time. This will save you a ton of money on fees and interest rate, which are going to be quite high if you try to buy something now.


0 votes Thank Flag Link Thu May 22, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer