Just need some advice regarding financing a new home for the first time. bankruptcy 7 years ago?
February 17th, 2008 | by admin |kmbrlymoody asked:
my fico score is 595 and have been turned down for fiancing where do i go now?
my fico score is 595 and have been turned down for fiancing where do i go now?
6 Responses to “Just need some advice regarding financing a new home for the first time. bankruptcy 7 years ago?”
By doinou on Feb 18, 2008 | Reply
Credit is rough these days. Make sure there are no mistakes on your credit report. You need to get your score up.
By David Beasley on Feb 20, 2008 | Reply
FHA has the best rates with lowest down payment $ available. Your BK won’t be a factor if it is 7 years since DISCHARGE, but 595 is on the bottom edge of FHA’s guidelines.
FHA loves a good story. For a good loan officer to tell a good story about you, you will need COMPENSATING FACTORS. These are:
1) job stability
2) year over year growth income
3) clean, reestablished credit after the BK
4) paid off collections, judgments, liens
5) credit cards paid down to $0-$25 bal (this will PULL UP YOUR SCORE)
6) 3% down payment in the bank or gift from FAMILY (not down payment assistance programs)
Get with a mortgage professional today with your paystubs/W-2s/bank statements to review what credit issues still need to be resolved and to find out what price home you qualify for!
Best of luck!
By Tommy Y on Feb 23, 2008 | Reply
idk a lot about credit.. if you are having a hard time getting a loan from a bank it may be because you are trying to buy a house that you cant comfertably afford… perhaps seeing a financial advisor wouldnt be such a bad idea, try to get your credit score up (obviously) and remember not to make the same mistakes that left you bankrupt last time (like buying stuff that you cant afford on credit?) otherwise keep saving for a larger downpayment.
By The Dreamer on Feb 24, 2008 | Reply
You can try a rent or lease to own. You can get one with a 12 to 24 month lease. After your lease is up, you will have the option to buy the house. During your lease, you can get help building up your credit score. You can ask your local Churches or welfare office for people who will help you.
Good luck.
By speed racer on Feb 27, 2008 | Reply
David Beasley is right. An FHA loan might work for your current situation. If you are interested in buying, ask family and friends for a referral for a very good real estate agent. If they are experienced real estate agents, they’ll be able to refer you inturn to a very good loan officer. Be honest with both your agent and loan officer about your current situation. A good loan officer will listen and highlight all of your postive attributes when he searches for a financial lender. Whatever the answer is, I would always get a second opinion. Good luck!
By Big daddy on Feb 29, 2008 | Reply
yep, have to agree with dave here, look for a broker that has either fha lenders or sponsors, we have about 5-7 were I work. I’ve seen minimum credit between 580 and 600. If 595 is your mid, definately give it a shot. Best of luck