With a 645 FICO score is it possible to get 100% LTV?
I am a first time home buyer. I have been working on my credit 2 years. I have paid my credit card balances down to "zero". I have 2 collections from ’02 and ’03 both are showing "PAID". Me and my fiancee annual income is $71,000 but they score is only 505 and a tax lien which they are paying with a voluntary garnishment through they’re payroll check. We both have been on our jobs for 9 years at same employer. Is there a way we can get 100% LTV and possibly use they’re income too so we can increase our purchase price? We live in Illinois.
As a mortgage advisor/loan officer and a realtor in the business over 10+ years the answer is YES YOU CAN. The 505 really hurts though. Good news is that the income will help and there are investors that will ignore the 505 and use the 645. If you are being told NO you can not be financed then you are either with the wrong Mortgage Company or you may have further suspect credit unknown here. Feel free to access my sites if you have further questions, comments or concerns.
Good luck. With the home loan problems and the sub prime lenders getting in trouble it is harder to do this.
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you don’t report someone with a 505 score, they can’t qualify for a mortgage, even at 645, yours is not great. you prob won’t get anything without a decent downpayment and closing costs saved. save about 10 grand and then think about it. ps. what happens when he walks? you will be left with a house you can’t afford. unless you like roommates or foreclosures, don’t buy property with friends who are just using you!
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You probably can. However, your interest rate may be so high it would not make good sense.
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Yes ,
Still you can get 100% financing for 500 FICO ,but your interest rates will be hell.The interest rate will be 9% + 4% Personal mortgage insurance (PMI) thus 13% a year.
Instead i will suggest you to go for FHA Loan that will need you to pay 3% down and the remaining 97% will be put by the lender ,the interest rate in that case will be 6.25-6.75% .
So i will suggest you to go for the 100% financing only if you don’t have money in hand at present and wanna fix up your credit as fast as you can and get refied once the seasoning is done.
regards,
kish
http://www.jerrydoesloans.com
ph-480.751.4125
Great SouthWest Mortgage
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It should be no problem; I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
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http://www.totaldebtsolutionsllc.com
As a mortgage advisor/loan officer and a realtor in the business over 10+ years the answer is YES YOU CAN. The 505 really hurts though. Good news is that the income will help and there are investors that will ignore the 505 and use the 645. If you are being told NO you can not be financed then you are either with the wrong Mortgage Company or you may have further suspect credit unknown here. Feel free to access my sites if you have further questions, comments or concerns.
References :
http://www.jtrapaso.thinkhomeloan.com
http://www.esimortgage.net
You can do it, but I would suggest that you go through credit repair first. A good credit repair specialist, through his/her expertise, can get items removed from your report that you, yourself, have been unsuccesful at removing, which will help your score to go up.
Even though those two collections items are showing "paid", in all likelihood, they are still negatively affecting your score. Your best bet is to have them removed altogether.
I’ve used a good credit repair specialist, who has been able to get scores to start moving up within a few weeks, and for only a few hundred dollars. NOTE: I am not suggesting use of a debt consolidator or debt negotiator, as using either of those types of companies would likely have a negative impact on your score in the short run.
Again — yes, you can do it, but you would be far better off (as it would be far less expensive) to raise those scores first.
km_resource1@yahoo.com
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bank of america will do it, your a first time home buyer, there are tons of programs out there for you as well as bond money to be claimed.
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One of the things that happens with loans is that the FICO scores of all parties are used to calculate risk if all parties are signing the loan. So let’s say you have a 645 TU, 650 EXP and 675 EFX and you’re fiance has a 505TU, 520 EXP and a 550 EFX. Most lenders will take your mid scores [the 650 and the 520] and then they may average those are they may just take the lower one. Either way, your rates are going to be much higher than if you waited a year and got your scores higher. go to myfico.com and look at their rate chart to see the differences. 100% LTV is another risk flag.
My recommendation is to wait a year. Get both of your scores up and start saving money so you can put 10% down. Don’t worry that rates are going up, that will mean prices have to fall!!
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