Can I get hold of a mortgage near fruitless credit, but 20% down?
I had a foreclosure happen on an investment property within Feb 2008. My credit score is about 550. Will I know how to get a mortgage on a new primary residence, if I put roughly speaking 20% down? If not, what time needs to pass, or what does my ranking need to be before it would be considered?
Answers:
REO (bank owned) properties can be bought with 20% down and terrible credit. Contact your local bank.
No.....the easiest type loan specifically available is an FHA and you need at least a 580 FICO. A 580 FICO is marginal for FHA and both Fannie and Freddie require much high.
It doesn't matter if the property is a REO or not.....banks must touch FannieMae/FreddieMac or VA/FHA standards and to make the loan and a 550 FICO doesn't meet those standards.
With a foreclosure on your credit journal you are going to be renting for at least 2 years no matter what your FICO rack up is.
for ANY loan you have need of a mid score of 580 right now and atleast a 2 year CLEAN mortgage history. Being that it go into forclosure you are prob looking at 5 years. You do have some option however.
Lease purchase and owner financing are basically two of them. Depending on what type of home you are looking for and how much you the price is may even be able to buy a home for cash next to your 20% that you were going to put down. If you want some info on buying outright with a small amount of change let me know via email and I can give you some info that my attorney and several R.E investors I know give me Source(s): 16 years in the mortgage field
Related Questions:
I am rebuilding my desperate credit, my wife have great credit. Will we procure a mortgage?
there are ways....my husband and i are in one and the same situation..except my credit is good not great. We got approved w a great low rate. They did it by using my credit solitary. Even though he...
Answers:
REO (bank owned) properties can be bought with 20% down and terrible credit. Contact your local bank.
No.....the easiest type loan specifically available is an FHA and you need at least a 580 FICO. A 580 FICO is marginal for FHA and both Fannie and Freddie require much high.
It doesn't matter if the property is a REO or not.....banks must touch FannieMae/FreddieMac or VA/FHA standards and to make the loan and a 550 FICO doesn't meet those standards.
With a foreclosure on your credit journal you are going to be renting for at least 2 years no matter what your FICO rack up is.
for ANY loan you have need of a mid score of 580 right now and atleast a 2 year CLEAN mortgage history. Being that it go into forclosure you are prob looking at 5 years. You do have some option however.
Lease purchase and owner financing are basically two of them. Depending on what type of home you are looking for and how much you the price is may even be able to buy a home for cash next to your 20% that you were going to put down. If you want some info on buying outright with a small amount of change let me know via email and I can give you some info that my attorney and several R.E investors I know give me Source(s): 16 years in the mortgage field
Related Questions:
I am rebuilding my desperate credit, my wife have great credit. Will we procure a mortgage?
there are ways....my husband and i are in one and the same situation..except my credit is good not great. We got approved w a great low rate. They did it by using my credit solitary. Even though he...