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truckie936
Joined: 21 Aug 2007
Posts: 4
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| Posted: Tue Aug 21, 2007 7:27 pm Post subject: Trying to find a mortgage I have a 629 score |
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| My wife and myself are trying to find a first home mortgage in Connecticut.We are trying to get the loan by just using my name because my wife is currently on workers comp and is not working,plus she had cosigned for her son's vehicle and he let the loan default 2 times ,got it back both times but ,so it made her credit do a nose dive.I have a 629 score with all 3 credit report companies .I have been in contact with Quicken Loans and Countrywide and they both tell me i need to bring my score up because of my debt to income ratio.PLEASE ,I NEED TO FIND A LOAN FAST !!!!!!!!!!!!!! |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Tue Aug 21, 2007 7:43 pm Post subject: |
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Try FHA or Home Opportunities/Emerging Markets etc.
Countrywide is going to be extremely cautious right now, seeing what they just went through the last few weeks.
Even still however your ratio may be too high. With 629 you probably have some kind of credit that needs explained, and FHA is great for that kind of situation. If you still don't qualify, you can have a non-occupant co-borrower on FHA for the purposes of income. |
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truckie936
Joined: 21 Aug 2007
Posts: 4
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| Posted: Tue Aug 21, 2007 7:55 pm Post subject: |
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| Halpo,I just sent u a PM message |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Tue Aug 21, 2007 8:00 pm Post subject: |
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| I just replied. |
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truckie936
Joined: 21 Aug 2007
Posts: 4
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| Posted: Tue Aug 21, 2007 8:19 pm Post subject: |
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| Ok,I'll call...Just sent u another PM too |
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ken(TX)
Joined: 23 Sep 2005
Posts: 184
Location: Dallas, TX
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| Posted: Wed Aug 22, 2007 3:21 pm Post subject: |
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Haplo is a great guy and honest professional so good luck. If you and he are not able to find a product that works, you may want to google the Community Accommodation program which would permit a 60% debt-to-income ratio and credit requirement is a 620 score.
Just a thought.... |
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truckie936
Joined: 21 Aug 2007
Posts: 4
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| Posted: Wed Aug 22, 2007 3:23 pm Post subject: |
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Hi Ken,
Yes he has already given me alot of insight .Yes, he mentioned the Community Accommodation. |
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dan87951
Joined: 13 Sep 2007
Posts: 3
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| Posted: Thu Sep 20, 2007 5:04 pm Post subject: |
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| I would stay away from Countrywide Home Loans. There is a website with 100's of testimonials of people getting screw over by them. I believe it was (link deleted) |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Thu Sep 20, 2007 5:18 pm Post subject: |
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| There is a website run by someone (I actually spoke to the guy who runs the sight, go figure) but it's not uncommon for people to be jaded at their lender for things that the lender can't control. I'm not speaking for or against countrywide, just a simple fact in general. Don't really need a link to a site like that. |
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Scrooge McDuck
Joined: 13 Sep 2007
Posts: 7
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| Posted: Tue Sep 25, 2007 4:44 pm Post subject: |
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| i am licensed in CT and have a few different products to offer a scenario like this. would you like me to contact you so we can talk out your scenario, and see what i can provide? |
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