Q&A: Can any mortgage brokers help me out here? Professionals only please!?
Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 04-03-2011-05-2008
2
Question by Resler23: Can any mortgage brokers help me out here? Professionals only please!?
I’m looking to buy a home in the next 30 days, but my credit isn’t that great (FICO scores 647,669,695).The reason being is that I have 5 credit cards that were charged-off in 2004 because I made the mistake of signing up with a debt mgmt. company to “help me get out of debt faster” after I grad. from college.They never told me that my accounts were going to be charged-off; they just told me that they would lower my interest rates if I made payments directly to them.Anyways, I PAID all the charge-offs at the end of ’06.In addition, I have a paid off car lease with no history of any late payments, same for 2 credit cards that I pay in full every month if I have a balance and have a current auto loan with no lates (4 monthly-my only debt).I’ve been employed with the same firm for 4 years, make a little over 00 gross income monthly, have ,000 down payment, looking for a home no more than 170K,and looking to roll my closing costs in mortgage with low fixed rate.What are my chances?
Best answer:
Answer by Beverly S
You should qualify FHA with 3% down. Seller can pay up to 6% of your closing costs if you put it in the contract. They look at last 2 years credit only. Your income is fine, credit scores are fine. The conventional loans are tighter & you need more down but FHA you would fly right through & get a low fixed rate mortgage. You can go to www.fha.com & there is a place to “find a lender” key in your zip code & it will give you a HUD approved (fha) lender near you. Good luck! Sounds like you have done everything right.
What do you think? Answer below!
(out of reviews)
