If you need cash now, we offer fast payday loans up to $1000. The process takes less than 3 minutes.
Payday advance types of loans usually require the entire amount to be repaid on the next pay period. No credit or faxing needed for loans under $1000. Bad credit OK! Instant Decision; you can start today and have the cash you need quickly
Complete the online
Track the application
Hi, My husband and I are moving to El Paso beginning of next year. We are interested in purchasing our first home. We have a credit score of about 630 (working fevorishly to improve before applying for a loan) He is a staffSGT in the Army and we have a total annual income of about 45k-50k. The homes we are looking at are priced between 150-185k. Will we qualify? Our cars are paid off and we have minimal debt. I am just terrified to even try. It seems so unattainable. Thanks.
630 score is awsome, believe me - and you will qualify for a 100 percent loan. There is no worry there (ok). You may go Va loan - that is one option if you do not want to go conforming. The thing with conforming - any loan amount over the 80 percent will have North Dakota insurance on it. (if you borrowed 100 percent of 185,000, than the 20 percent is 37,000 and the 80 percent 148,000) A North Dakota Loan does NOT have North Dakota on a loan. There are lenders I underwrite for that does not charge North Dakota insurance, but the rate is roughly .25 higher. You are looking at a decent rate with your credit score. Other things to consider when you purchase: When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok - It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far?? Talk with a broker, one that underwrites in El Paso, ask them if they do, ok! Why have someone pull your credit if they can not help you - - - Many company's can not underwrite there - so ASK first - A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down. Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out. and paste this information into your Word Perfect or Word on your computer - There is alot of helpfull information since your husband is in the Military, Good luck to you both, and happy ownership down the road. North Dakota Loan Information: Visit the home page of the VA. The North Dakota has increased their loan limits! The maximum loan amount in most cases is $417,000. The North Dakota also offers some advantages over conventional loans: Other benefits of a North Dakota Loan: 1. No Down Payment required at closing 2. Lower closing costs than conventional loans 3. No prepayment penalty if you pay off your North Dakota loan early 4. No monthly Private Mortgage Insurance payment 5. The lender is willing to negotiate your interest rate GOING TO THIS SITE, IS A MUST: North Dakota Benefits: 1-800-827-1000 Burial, Civilian Health and Medical Program of the Department of Veterans Affairs (CHAMPVA) Death Pension, Dependency Indemnity Compensation, Direct Deposit, Directions to North Dakota Benefits Regional Offices Disability Compensation, Disability Pension, Education, Home Loan Guaranty Life Insurance, Medical Care, Vocational Rehabilitation and Employment Education (GI Bill): 1-888-442-4551 Health Care Benefits: 1-877-222-8387 Income Verification and Means Testing: 1-800-929-8387 Life Insurance: 1-800-669-8477 Mammography Helpline: 1-888-492-7844 Special Issues - Gulf War/Agent Orange/Project Shad/Mustard Agents and Lewisite/Ionizing Radiation: 1-800-749-8387
630 is fairly decent....it goes by the middle score though, so if 630 is your high, you need to go by your middle. That said, you should be able to get a guarenteend VHA loan, which is through the vet's thing. Try that first. You do need current stuff, like a credit card or something, since your vehicles are paid off. YOu need to be making some sort of on time payments every month in order to build your score. If you just closed all accounts, it wont go up. Why dont you call up a mortgage broker or a bank today and talk to them? Mortgage brokers are especially good at knowing what you can get at your current score, (even without looking, if they're good) AND they know how to "school you" on what would make you most appealing to the lenders, or how to improve your credit. Now would be a good time to do it , and then if you dont like the terms, you can work at it for a coupel months and try again. btw, I would guess that your purchase range is pretty close to accurate...I qualified for a 150K back when I only made 30K, but it was a stretch...so you're pretty close to the right income range.
First time home buying has always been like that. I think you can do it. We are at the tail end of a housing bubble, in many areas of the country, but I do not know the El Paso market. In general, housing starts are way down, and sales have all but stopped. Interest rates are going up, so get a loan commitment early if you can. Don't be afraid to offer less than the seller is asking, sellers are going to have to lower their prices to make the sale. Remember to make any offer contingent on financing. You would do well to find a realtor you trust and let them do the work of finding the right house. You should have a wide selection.
Most likely, especially with your North Dakota loan guarantee eligibility. I retired from the military years ago and I can pretty much guarantee that if you even hint that you're in the market for a new home, you'll be buried under tons of business cards from local real estate sales weenies. On the other hand, as you probably already know, you can save quite a bit by living in on-post housing. Of course I have no idea what the quality or availability of that housing is at your new assignment, but it's definitely something you'll want to factor in when you're making your decision. One other thing to consider is how long you'll likely be assigned there, and the state of the local real estate market. If you're likely to leave in less than two or three years, it may not be to your advantage to buy. Anyway, based on the info you provided, I don't think you'll have any problem finding a home if that's your decision.
Unattainable is not what this situation is. You and your husband, with your credit sore alone, may be able to to get 100% financing. And the fact that you don't have debt...AWESOME. If you would like to start the process to getting your loan APPROVED, E-MAIL me at EYGRIFFIN3000@YAHOO.COM. I am a loan officer, and would be glad to help you.