Is within a credit evaluation where on earth its impossible to receive a mortgage?
we have credit scores of 530 and 545 but we own money (approx. 20,000 plus we own the property we want to build on) to put down. is it even possible? we have a mortgage right now and we're truly very good next to payments on that but our score never moves up its only gone down due to medical collections and 3 in arrears payments on our credit card. so we once had 680 and 570 and now look. so should we even own hope to get a mortgage for 180,000?
Answers:
Depending on the reasons for your unsettled payments and collections a FHA loan is possible and their are other alternative lenders out there who may be able to sustain you there's other factors that will come into play like income and situation history. I'm a loan officer let me know if you need any back
I hold one med debt currently. This is why I can't get a mortage yet to buy a home. If you own collections you probably need to get them rewarded off first.
You will need a 580 or so to carry a mortgage with anything resembling a decent rate, a bit less than that if you have 20% down. I would focus on my credit here and eliminate/fix any errors. First things first, oppose the collections or settle them. Best thing to do is not to have any collections, but that's a moot point in a minute. Second, send a goodwill letter to clear up the lates on the credit card. Keep your balance as low as you can as they will jack your rate if you're late or over your limit.
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Answers:
Depending on the reasons for your unsettled payments and collections a FHA loan is possible and their are other alternative lenders out there who may be able to sustain you there's other factors that will come into play like income and situation history. I'm a loan officer let me know if you need any back
I hold one med debt currently. This is why I can't get a mortage yet to buy a home. If you own collections you probably need to get them rewarded off first.
You will need a 580 or so to carry a mortgage with anything resembling a decent rate, a bit less than that if you have 20% down. I would focus on my credit here and eliminate/fix any errors. First things first, oppose the collections or settle them. Best thing to do is not to have any collections, but that's a moot point in a minute. Second, send a goodwill letter to clear up the lates on the credit card. Keep your balance as low as you can as they will jack your rate if you're late or over your limit.
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