Will My husband and I qualify for a mortgage with credit scores in the low 600's and a recent b
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I want to know if my husband and I will qualify for a mortgage. WE have a bankrupcty file that was discharged on jan 2005. Our credit scores are in the low 600's, we both hace auto loans and major credit cards that are in good standing. Our annual income is 60,000 gross but we don't have any money for a down payment. I just don't want to walk into a bank and look like an idiot!
Thanks
Will My husband and I qualify for a mortgage with credit scores in the low 600's and a recent bankruptcy?wow...maybe not a bank but there are plenty of sharks out there willing to take (literally) an arm from you.
can you wait a year and work on lowering your debt and raising your scores, otherwise you will pay through the nose!
Will My husband and I qualify for a mortgage with credit scores in the low 600's and a recent bankruptcy?You can get an FHA mortgage 2 yrs out of BK. Little or no money down, I think it's 3% and that can be gifted. Go see a mortgage broker and tell him what you told us. Report It
Will My husband and I qualify for a mortgage with credit scores in the low 600's and a recent bankruptcy?Some banks will qualify you others will not, it depends on the bank and the way they do business. You will however be at the mercy of extremely high interest rates that are variable, meaning they will increase as the standard interest rate does. Not having a down payment means having to finance more than the value of the home in order to establish and pay for closing costs. Most financial departments and advisers will tell you to wait, continue improving your credit score and make every effort to save a minimum of $20,000 as a down payment. If you can't save $20,000 you are FORCED to purchase insurance guaranteeing the bank that you can short sell if you run in to financially trouble again. I advise wait and save.
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