Credit Score?

My husband has a 570 credit score and I have no credit score according to FICO but we both make great money. Can we get approved for a home loan? Neither of us have had any major purchases in over two years, and the major purchase we did have two years ago, we have paid on early every single month. We are desperately wanting a house, anyone know what I can do to get a good loan?

Public Comments

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2. Even with a low credit score you should be able to get a home loan, especially if you have never purchased one before. You may have to have more down and a higher rate but it is possible Good luck
3. Check out lendingtree.com. They'll have at least four mortgage companies contact you. Credit score is only part of the equation. The other parts are: (1) How much you want to finance, (2) How much you intend to put down, and (3) How much you both make. Your husband's credit score is not good, so the best way to get a better loan is to put more money down. Good luck!
4. No credit score means no loan from regulated lenders. It's not difficult to get one. You have one line of credit - the "major purchase" you talk about. You need one more. Go out and find a credit card that will accept you - I've had good results referring my clients to credit unions. On the other hand, your husband's 570 score needs improving. Credit scores don't get that low for no reason. There are ways to improve it. Upshot: You can do it, but it's going to take a few months.
5. Totally go see any agent that you trust and they should be able to get you a new buyer loan :)
6. you can qualify for FHA loan - this is your best choice to get the best rate.
7. Even a no doc loan requires a credit score. You might want to establish your credit. And try again later. 570 is able to get a loan , but you won't like the terms. The only thing you can do besides waiting, is get a 2 year arm with a low start rate. that way you can establish better credit and refinance after your credit worthy.
8. Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit. Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it. http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814 http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514 As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent. Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now). Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents. Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate. Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check! Good luck! Good article when you want to put in bid, negotiation. http://biz.yahoo.com/brn/060909/19463.html ---------------------------------------------------- Different perspective: It is a myth that renting is always worst off than buying. Rent vs. Buy as Housing Market Continues to Slump As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy. For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month. Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through. And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decid
9. You will need to put some money down. It seem like you could qualify for 95% of the purchase price. Feel free to log onto www.JustGetALoan.net There you can get an approval within hours. My company Specialises in assisting people with all credit history and recieve competitive prorams. If you would like further assistance feel free to call me at 866 530 7300 ext 7305 or email me at jfreeman@bourdeaufinancial.com
10. you may have to open a small account somewhere,like a finance company, this will make your credit score go higher and may also give you and your spouse a better chance at getting a better loan with lower interest rates.