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DCrews81
Joined: 22 Jan 2010
Posts: 1
Location: Illinois
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| Posted: Fri Jan 22, 2010 5:17 am Post subject: What am i doing wrong? |
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| I live in Illinois. I am a first time homeowner and looking at a house in a excellent neighborhood in a small town they have negotiated down close to $7k off the original price. I have a job in my career field working for the state. The home price is $52000 and I would of course use the FHA loan. My credit score was 630 now after all the inquires its dropped it to 589. Ive been looking for about a month and trying various lenders but didn't think it would have this much impact on my score. I have no new loans, account, collections, or missed payments. But people were turning me down even when i first started with the 630. Am i missing something on this loan process thing? Any lenders you all have had good luck with. My income leaves room for double what the house payment would be. Thanks for your help. |
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JPowell
Joined: 20 Jan 2010
Posts: 103
Location: PA
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| Posted: Sun Jan 24, 2010 3:38 am Post subject: |
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Do you know why your score was down around 630? Maybe that has something to do with it?
I'm 24 and have around a 630 after a couple years of clean up. My score would be higher but I have charged off accounts and some collections as well. I'd assume things like that can make it more difficult to get a loan, but not necessarily impossible. |
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kylenielsen
Joined: 02 Feb 2010
Posts: 6
Location: nyc
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| Posted: Tue Feb 02, 2010 10:29 pm Post subject: |
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| your income should be more than double what the payments will be, if it is only double you will not qualify, most lenders need a minimum score of a 620 and will scrub your loan with that score, i would recomend talking to a profisional mortgage person to go over your options |
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carolmartinez
Joined: 08 Feb 2010
Posts: 5
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| Posted: Mon Feb 08, 2010 11:13 am Post subject: |
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| Yes i agree with you. Her income should be more than double. |
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JPowell
Joined: 20 Jan 2010
Posts: 103
Location: PA
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| Posted: Mon Feb 08, 2010 11:31 pm Post subject: |
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I would work on saving up and clearing up anything on your credit report that you can.
Those inquiries will be less damaging to your score as they age and they will quit counting against you all together on their one year birthday. |
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imenacedk
Joined: 20 Feb 2010
Posts: 6
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| Posted: Sat Feb 20, 2010 7:45 am Post subject: |
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| How many inquires did you do in a month? |
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HardShip
Joined: 16 Nov 2009
Posts: 5
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| Posted: Sun Feb 21, 2010 7:03 pm Post subject: |
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| I agree more income |
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