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djd78
Joined: 18 Mar 2008
Posts: 1
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| Posted: Tue Mar 18, 2008 11:39 pm Post subject: Poor credit options |
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| I recently found a house for 65,000. I have 5% down, but have yet to find a lender that can help me. I was turned down for an FHA loan because of late payments in the past year. I filed bankruptcy in 2002, had my situation improved and hit a rough patch a year ago and made some late payments. My scores are 599, 581, 578. Is there anyone that can help me with this loan? I make about 45k a year and right now my DTI is 15%. My lease is about up, I'm having a child, and need a house within 3 months. Help! |
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liverichly
Joined: 10 Feb 2005
Posts: 195
Location: Orange County, CA
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| Posted: Thu Mar 27, 2008 10:58 pm Post subject: |
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With your current scores FHA would be your only option, but apparently you tried that and were denied. The other options you would have by putting in some elbow grease would be a sub-prime loan, but would need to get your score up to a 660, or a conforming loan program, but would either need a 620 or 660 depending on what type of decision you get from automated underwriting (considering you didn't get approved for FHA I'm thinking it'll need to be a 660).
Have you made on time payments on the same trade lines which your late payments were on? I'd try writing the creditors a goodwill letter asking for them to remove the late payments, if they are able to, then try FHA again. |
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scooby21
Joined: 02 Dec 2007
Posts: 5
Location: Richmond,VA
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| Posted: Fri Mar 28, 2008 6:04 pm Post subject: fannie mae |
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| I had low credit scores and was approved for a fannie mae loan |
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Newyorkloanman
Joined: 27 Apr 2008
Posts: 6
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| Posted: Sun Apr 27, 2008 7:58 pm Post subject: |
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| FHA would be your only option. |
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