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My husband & I are wanting to see if we can buy a house. We have money saved up for a down payment if needed (we have $3,000 for d.p). I have fair credit - not terrible but not great either. My husband has pretty bad credit so I would like to try and apply on my own. Yesterday, I was researching online for a home loan & I found a website called www.quickenloans.com It gives tons of options for home loans - some with no down payment needed & others with low down payments etc. Has anyone tried or used this site before to try and acquire a home loan? Is there some place better? - Other than going to my local banks please? O and do you think I could be approved on my own? I have a part time job (although it's sort of a self-employed type gig - I work when I want to - I get paid $15 an hour) I'm 29 years old & I've never applied for a home loan before. I did apply for a car loan years ago and paid it off. Also my Dad can co-sign. He has excellent credit & has had same job for 22 years
There are all kinds of loans out there now. You can probably qualify for something. Keep in mind that you will pay a higher interest rate if your credit is not good. If I were you, I would try to save up a 20% down payment and I would go ahead and co-apply with your husband, bad credit and all. Then I would work toward improving my credit score (and his) then refinance in a few years to get a better interest rate. Your additional concerns are: 1. Your income doesn't seem high enough to qualify on your own. I assume you're planning on your husband's income to help pay the mortgage, but the lender can't count that unless he is a co-applicant and his income is proven too (then his credit comes into play). You will also have to show tax returns for the previous few years to prove income, but self-employed is Hodges if the tax returns justify the stated income. 2. You'll pay PMI (private mortgage insurance) if your down payment is less than 20% of the property's value, so if you can get below that it lowers your payment some (you can get it below the 80% with your down payment and by paying less for the home than its recent appraisal.) 3. Applying without your husband can make things more difficult in the case of divorce or death. You may be able to work things out so it wouldn't be a pain, but you'd have to plan that out ahead. For instance, your husband may end up losing the house if you should die or have to fight through probate to get the house. Messy stuff, for sure. Here's a site with some mortgage calculators that may be of help to you... of luck to you. I hope you can work your way through it all.
Here is what forbes says about Quicken Loans This uncluttered site is deceptively deep with information useful for first-time homebuyers and those refinancing. Explanations are clear and calculators plentiful, including a tax-saving calculator and one that compares a 15-year with a 30-year loan. The site itself originates mortgages in 50 states and manages everything from the point when you get a rate quote through the closing. To get your mortgage rate, fill out the form online and submit it. Then, within one business day, a Quicken loan specialist calls for a person-to-person loan interview. Well organized and easy to navigate. BEST: Calculators and knowledgeable customer-support reps. WORST: The home page teases with low rates, but they often apply to places like Nevada. Realize that if your father co-signs he is legally responsible for the house payment if you and your husband don't make it. With a part-time job, you may have issues getting approved. I was approved without my husband, but my credit score was over 700 and I was making enough money to make the mortgage without his help. I would highly recommend you save up more money for the down if you can. $3000 doesn't go very far, and having the equity can be a life saver. Right now I have $100K in equity. It is nice to know that if I have an emergency, I have options. When we bought our current house, we had a 10% down, which is the least amount of money I would recommend.
Look at it from the loan officer's point of view. She is looking to approve a couple for a substantial amount of money. Then she is looking at your history and here are some old debts that are just a few thousand dollars that went into collection. It would make her feel a lot better if she knew that you were starting her loan with a clear history that would not put her loan in more risk. Your troubled financial history is a flag to her that you pose more risk to her loan than if it was clear. So if you were to go back and clean all that up at least you would be on a clear slate when she started your loan. Also with all the trouble in mortgage lending lately companies are tightening down on their loans. Good luck.
I would be careful about online home loans even though some of them are quite legitimate. I would really try and go through a mortgage broker/bank. There you are sitting across from someone and it's important to have someone personally available to you and your questions. Also keep in mind that you want to be more than just numbers. You want a mortgage broker to meet you, understand the nature of your job and what your goals are. Believe me, they do try and get to know you on some level as they want to know who they are loaning money to. You do have money in the bank which shows you have an ability to save. That is good. Your credit score is important, but some things that affect your score can be explained and understood. It wouldn't hurt to seek advice from a financial advisor or planner to see what you could do to increase your score. I have increased my score fairly quickly by just making some changes. Banks want to give money to first time home owners and there are a lot of loans out there to meet specific needs. Some loans require no down payment or closing and that is only because you are a first time home owner. Having a willing and acceptable co-signer is a plus. I'm not sure if you can qualify without involving your husband since you are married. Best suggestion, do your homework first. Pull your credit report and score - know exactly what it says. (Some sites tell you how to increase your score). Be prepared to explain any negative findings on your report. You can always go to the bank just to pre-qualify. They can do that without you being committed to a loan. Best wishes for you. I just went through this. It's a daunting task first time around, but it is worth it. If you are in teh Tulsa, Hodges area, I can give you the name of a WONDERFUL Mortgage Broker.......he made things so easy on me and was wonderful. Don't get discouraged. Don't give up! People with poor credit and no money is savings have been able to get homes. You can do it!
Usually lenders do not use co-signers for home mortgages because the house is used as collateral and they'll always know where to find it. Here are some things to make sure of before you borrow. make sure that it is a fixed rate loan - no adjustable rates make sure that there is no penalty for paying it off early make sure that the interest rate is competitive. Include taxes and insurance on escrow account so it is paid with the house payment. Get a realistic quote on what your house payment will be including taxes and insurance and make sure you can afford it. If it is significantly higher than you are paying for rent now - beware. Remember that you will not be able to call the landlord for repairs so build maintenance and upkeep into your budget. Don't let the mortgage rep talk you into anything else - he just wants his commission.
Well it will really depend on how much of a loan you need. 3k is not much of a down payment, infact it will probably not even cover closing costs. Typically banks want a minimum of 10% down on most houses. Zero down loans are very tough to do unless you have very good credit. As far as income, you will need a certain amount of income to qualify for your house.Normally you will be approved up to about 4 times your annual income for a mortgage amount. So if you make 25k a year, you could probably afford to borrow up 100k . There are still pieces of missing info we would really need to know to evaluate your chances of gettting approved.
I work in the mortgage business and my advice would be if you are both applying, first pull both of you guys credit and look into to settling bad accounts. Credit repair is your best bet, also call a mortgage company and get them to run you that way you can get some ideas of what you qualify for.
I'm sorry that happened to you. There's some things that you need to know about your score. 1. What makes up your score: 35% Payment History 30% Debt to Available credit Ratio 15% Length of time establishing credit history 10% Types of credit established 10% Inquiries and New accounts 2. What's hurting your score: Providian & Captial One 3. What you can do to improve your score. Ok, having said all that let's look at the bad stuff first. Let me start off by saying that there's what's called a statute of limitations for debt. One for collecting debt which varies by state. And the other is the federal 7½ year statute of reporting debt called the Fair Credit Reporting Act(FCRA), which starts from the date the debt first went delinquent. The statue of limitations(SOL) for collecting debt is pretty much the time in which collectors can take you to court to make you pay what you owe. (Click this link to find out what the SOL for your state this means for you is that if the SOL is expired you're legally not responsible for the debt anymore, however you still would have to present this as a defense if you were taken to court, and also you could use this as a powerful bargaining tool to deal with collectors. It's a good chance that the SOL for reporting the debt may soon be expiring, so it could be used to your advantage to possibly wait it out. If you do decide to try to negotiate with the collectors, your goal is to neogtiate what's called a "deletion payment" which is making a payment in return for having it removed from your report. I posted another link that explains a little more about how to settle old debts( but also keep in mind, you may not have to especially if the Federal statute may soon be expiring. Let's say that you're fortunate and successful in getting those items removed, it could possibly hurt your score at first because you don't have any open lines of credit to compensate for the bad that you do have. The easiest way to do this would be by opening up a secured credit card. You would have to put a deposit upfront to get the same in a line of credit, but think of this as building credit with a savings account. This works especially well if you already have money saved up in a savings account that you're not touching for a while. Like for example, you mentioned in another question that you had money saved up for a down payment on a house. That could be used for the deposit, and you could get a credit line in the same amount. Make small purchases that can be easily paid off on time every month and usually after a year, you not only get the deposit/down payment money back with a little interest added, but also you've ilt credit to where the secured card will either convert to a regular one or a better card will be offered altogether. If you're going to save up for a down payment, you might as well make that down payment work for you. Oh, and I also forgot, while you're building credit add to the deposit/down payment money to increase your credit line. The higher the credit line, the better it will look on your report. Also you may want to try Orchard Bank as a 2nd major revolving account. They offer cards for people starting out and starting over, when it comes to credit. Then to round out your open revolving accounts, I'd try for a department store card, one that you'll use, but not overuse, for example home depot, lowe's, sears, etc. Since you've paid off a car already, that will help the installment credit portion of rebuilding your score. Also, if you've been paying rent, utlities, phone, cellphone, and insurance you should enroll with PRBC to have it reported as alternative credit. The bills I just mentioned do not show on your regular credit reports, yet every month you pay, and some of those payments are more important than credit card bills! PRBC is a new credit bureau that feels these payments should be just as important. They score these reported payments in a report which can be used along with your regular credit reports as a supplement. These reports can even be useful in getting a mortgage (hint hint). I posted links to their website, which I strongly suggest you check out. I'm confident that they will help you. I also posted those links to help you deal with the current debt that you have. I hope that this helps, Good Luck!
Try www.homewithrichard.com they have some loans if you qualify that they don't even check your income or assets and you get a reasonable rate. they have lots of mortgage companies they work with. 1-800-NEW-CASH Richard Tocado.