Question by Yvette W: What was your credit score when you recieved a home loan?
I have a credit score of 618. Is this enough for me to apply for a home loan?
Best answer:
Answer by Katharine ????
Mine is 820 – and I am doing a loan right now.
Doesn’t hurt to apply – they will let you know if its enough or not – I went through wells fargo – the no closing cost deal!
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Question by pd39: Questions about a FHA loan, here Mortgages, order and first time buyers?
I will be a first time home buyer, seek I am looking in NJ, now living in NY. I take home, after taxes about 8k a month, my wife also brings in a few thousand a month. We have great credit and no outstanding bills except a few student loans. To find something in the area we want, we will have to spent about 700k or so. I have read that with a FHA loan you have to put down 3.5 % as compared to 20% with a regular mortgage. If you take out a FHA mortgage and put down the 3.5 % do you still have to pay PMI with a FHA ? Also, where should I go for a mortgage, I hear many bad things about brokers, And, the last thing, what am I looking at in fees and closing costs for this range ?
Best answer:
Answer by maxmom56
You pay PMI and you pay all closing costs. The banks are on the website – fha.gov.
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Question by REETA: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed 2000/month.?
I am working with a company since January as sales rep and will receive a 1099. I am guaranteed 2000/month plus commission. Can I apply for mortgage loan (along with husband) or do I have to wait before my income will also be considered.
Best answer:
Answer by Judy
You generally need 2 years of stable work history. If you had another job right before that for about the same money, approved that would count.
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A few financial reforms would help many
Home sales are picking up. Unemployment is starting to tick down. Yet, cheapest many hardworking Californians remain at an economic disadvantage because they lack bank accounts, healing credit scores or any hope of getting conventional loans. They are unable to buy …
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How Much Home Can You Afford?
No homeseller is likely to look at your offer if you aren't pre-approved for a loan, here so you know at some point you'll have to submit multiple documents and copious information to a mortgage broker who will crunch all the numbers and arrive at loan …
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