- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Mortgage With Bad Credit
Posted on 5/17/16 at 11:02 pm
Posted on 5/17/16 at 11:02 pm
Back story. I was a stupid in my teens/young 20's and blew through way too many credit cards. Had a bill go to collections and a few derogatory hits on my report. I've since matured, got a great job, have a nice savings, and have paid off all my debt with the exception of my vehicle and a credit card I'm using to try and rebuild my credit.
Does anyone know a place that offers a mortgage with bad credit (below 620)? Rent here is $300+ what a mortgage would be on a home unless you rent a shack in the ghettos.
Does anyone know a place that offers a mortgage with bad credit (below 620)? Rent here is $300+ what a mortgage would be on a home unless you rent a shack in the ghettos.
7
Posted on 5/17/16 at 11:46 pm to GAFF
Are you married? Do you have a 20% down payment saved?
Posted on 5/18/16 at 7:40 am to GAFF
Try Nola Lending. They helped me after my divorce and bankruptcy. Ask them about Rural Development loan. It's a no money down loan. There are also programs that help first time home buyers.
Posted on 5/18/16 at 7:50 am to GeauxTigers1983
No money down and a 620 score. What could go wrong?
Posted on 5/18/16 at 8:04 am to GAFF
Before you do anything, just challenge that credit card with the credit bureaus. They may not respond and you may get lucky and it gets removed.
Posted on 5/18/16 at 8:35 am to GAFF
RD loans require a 640 credit score. you can get an FHA loan with under a 620 credit score but interest rate is going to be 1% higher than it should be. Let me give you some really good advice you don't want to hear. You are not ready to buy a house. Keep the credit card balance under 30% of the limit and let your score recover keep saving money and get a great mortgage loan not a shitty one
Posted on 5/18/16 at 9:39 am to GAFF
How old is the bad stuff on your credit report? I'd wait for the bad stuff to drop off before trying to get a mortgage.
Posted on 5/18/16 at 9:48 am to GAFF
You can get a FHA loan down to 600 with a sub 4 interest rate. Which in my eyes is a damn good deal.
Posted on 5/18/16 at 10:47 am to HYDRebs
quote:
You can get a FHA loan down to 600 with a sub 4 interest rate. Which in my eyes is a damn good deal.
How much down for this?
This post was edited on 5/18/16 at 10:47 am
Posted on 5/18/16 at 10:50 am to GAFF
How old is the collections and the derogatory hits. Once you maintain a clean record for two years, you should have better success, but you will need to find someone that will do an actual underwriting, not just a score review.
Posted on 5/18/16 at 11:09 am to STLhog
Same as a typical FHA minimum of 3.5% down. if you have a credit score between 600-619 you can only have a back ratio of 43% though.
Posted on 5/18/16 at 12:34 pm to HYDRebs
quote:
You can get a FHA loan down to 600 with a sub 4 interest rate. Which in my eyes is a damn good deal.
And yet nothing was learned from the 2008 crash. I wish the government would get out of the homeowner subsidizing business.
Posted on 5/18/16 at 1:02 pm to HYDRebs
quote:
You can get a FHA loan down to 600 with a sub 4 interest rate.
You have got to be fricking kidding me.
Posted on 5/18/16 at 1:34 pm to foshizzle
quote:
ou can get a FHA loan down to 600 with a sub 4 interest rate.
To finance a car...you're looking at 10-12%
Posted on 5/18/16 at 1:39 pm to STLhog
quote:
How much down for this?
90%?
Posted on 5/18/16 at 2:40 pm to Coach Guidry
quote:
To finance a car...you're looking at 10-12%
No disrespect intended but your credit score must be terrible. I financed a car last year at 1%.
But I'm still shocked that someone with a 600 FICO can get below 4% on a mortgage.
Posted on 5/20/16 at 1:18 pm to foshizzle
they can't the under 640 Rate is close to 5%.
Posted on 5/20/16 at 1:29 pm to hawkeye007
quote:
they can't the under 640 Rate is close to 5%.
False, Closed an FHA loan at 3.75 this month with a FICO between 600-619
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News