Can I qualify for anything? (Arkansas)

eabscb · Joined: 23 Feb 2008 Posts: 9 3.77 Dollars($)

(Arkansas) I have a mid 500 FICO (all three), only one 30-day late on mortgage we've had for 13 years, but poor credit card "credit". Would like FHA for purchase, will have about 15-20% down...any hope? Doesn't have to be FHA, will consider anything I can afford. Also, have decent DTI. Am considering credit repair first. Thanks.

banker0679 · Posted: Sat Feb 23, 2008 9:26 pm Post subject:

have you had a foreclosure in the last 3yrs?
have you had a BK 7 in the last 2yrs?
have you had a BK 13 in the last yr?
If the answers are 'no', then you 'may' be a candidate.

Have you been late in any credit debts in the last 12months?
If the answer is 'yes', then it may be a case by case approval.
Which means that you will need to apply to see if you can qualify.
If you have judgements, then they will all need to be paid.

eabscb · Joined: 23 Feb 2008 Posts: 9 3.77 Dollars($)

No foreclosure, no BK ever...yes on being late in last 12 months. What would be the best way to go so I don't drop my score by applying for mortgage? Thanks!

banker0679 · Posted: Sat Feb 23, 2008 10:09 pm Post subject:

FHA doesnt look at your score...but I would start with a broker or lender that has access to lots of FHA lenders. Most of the FHA lenders place credit score restrictions, and may deny you instantly.

It also depends on how many times you were late in the last 12months. Find a broker who has done FHA loans before AND that knows an FHA lender that does 'manual underwrites'. They may overlook your score with a large downpayment.

eabscb · Joined: 23 Feb 2008 Posts: 9 3.77 Dollars($)

I'm new to this site...do you know if there's a listing of brokers somewhere? Thanks!

Posted: Sat Feb 23, 2008 11:57 pm Post subject:

Pay down on some of the credit cards and your credit score will increase. With 15 to 20% down you should be able to get into a home loan. Even if you need to wait a few more months due to this, it will be worth the wait.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.07 Dollars($)

Pay down on some of the credit cards and your credit score will increase. With 15 to 20% down you should be able to get into a home loan. Even if you need to wait a few more months due to this, it will be worth the wait.

I posted above but was not logged in.

banker0679 · Posted: Sun Feb 24, 2008 8:26 am Post subject:

http://www.mortgagefit.com/unitedstates/ will be a great place to look for a lender.

ezmortgageloanz · Posted: Sun Feb 24, 2008 9:59 pm Post subject:

this post has been removed -

Caron · Posted: Tue Feb 26, 2008 2:23 am Post subject: RE:

Yes I think you are on the right track. You may qualify for different types of loans but the best offers will come along once you repair your credit. And you can do it yourself only. Take a look at the few steps to self-help credit repair .

However, it's good that you can afford 15-20% down payment. So, just wait for some more time and then look out for loan offers that suit your situation. FHA loan can be an option for you. And you can even qualify for it in the current situation.

What you can do is, talk to a few lenders in this community and see what they have to offer you as quotes. Depending upon this, you'll get an idea as to what you may qualify for. You may send us your request for mortgage quotes with the minimum details. The community shall send your request to the lenders and they shall contact you as soon as they find out that they have something to offer you depending upon your situation.

Good luck

gmakerley · Posted: Tue Feb 26, 2008 8:42 am Post subject:

scott's ad was removed

Guest

Are there any rehab lenders in Arkansas that work with investors? Please provide there name and phone numbers.

Thanks

BrianDelaCruz · Posted: Tue Jun 10, 2008 4:52 am Post subject: RE:

Hi Joseph,

I've sent pms to a few lenders in Arkansas. Let's wait for them to turn up and reply to your post.

Thanks,

Brian

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