Do I enjoy a shot of approval for my first mortgage during this credit crunch?
FICA score around 600 (I've been working to repair it)
2 1/2 years steady employment at alike job.
I'm only looking for a starter condo surrounded by my area.
I can come up with a few majestic for a down payment.
My Mortgage Broker says I've get a shot, but that was before the cutback took a dump!
I could stay in the places I'm looking at for a few years comfortably.
Should I even bother filling out the application?
Answers:
Actually, you do, but dally a few months. The government bailout plans include help for home buyers near less-than-erpfect credit records. Right now, mortgage lenders are individual very strict, but that should ease up once the system plans get into place. I'd say hang about until after the holidays, which gives you that much more time to save and build up the downpayment and reinforce your credit (by continuing to wage bills on time, continuing to pay down debt), and housing prices should be even better contained by a few months.
The market is on the down hill, the price of houses 's dropping, houses will become cheaper and cheaper. If I be you, I would wait for a while, and...you only own a couple grands for a down payment? Doesn't look enough to me. If it doesn't cost anything to distribute our the application, why not give it a try?
Related Questions:
Credit evaluation 560 can i take a mortgage?
My credit score is 560 want to buy a 99000.00 home taxes around 3000 my income is 56000.00 will increase to 92000.00 in ncreaments over the subsequent two years No you cannot. Fix your credit. Not a opening. Work on improving your credit...
2 1/2 years steady employment at alike job.
I'm only looking for a starter condo surrounded by my area.
I can come up with a few majestic for a down payment.
My Mortgage Broker says I've get a shot, but that was before the cutback took a dump!
I could stay in the places I'm looking at for a few years comfortably.
Should I even bother filling out the application?
Answers:
Actually, you do, but dally a few months. The government bailout plans include help for home buyers near less-than-erpfect credit records. Right now, mortgage lenders are individual very strict, but that should ease up once the system plans get into place. I'd say hang about until after the holidays, which gives you that much more time to save and build up the downpayment and reinforce your credit (by continuing to wage bills on time, continuing to pay down debt), and housing prices should be even better contained by a few months.
The market is on the down hill, the price of houses 's dropping, houses will become cheaper and cheaper. If I be you, I would wait for a while, and...you only own a couple grands for a down payment? Doesn't look enough to me. If it doesn't cost anything to distribute our the application, why not give it a try?
Related Questions:
Credit evaluation 560 can i take a mortgage?
My credit score is 560 want to buy a 99000.00 home taxes around 3000 my income is 56000.00 will increase to 92000.00 in ncreaments over the subsequent two years No you cannot. Fix your credit. Not a opening. Work on improving your credit...