I have a score of 580, with charge-offs, and my wife has a 609. we make about 70k a year. We just had someone approve us for 80k which is not much in our area. Are there any programs out there that anyone can point me too? Thanks
Best answer:
Answer by tombraiderchick21
According to a book I'm reading called "Great Credit Guaranteed..." by Arny Gold (found at Barnes and Nobles), there are ways you can be approved for credit with a low score. You can call a few of the creditors that are a "low blow" to your score and ask them to temporarily delete the information on your report because you're making a big purchase in your case a house. They may be able to work with you because they would fear a lawsuit or it would be out of good will to do so. But for more info, try to pick up this book. Good luck!
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Unfortunately with those scores most lenders would consider you to be high risk to loan too much money mostly because of all the defaults, foreclosures, and the mess with the sub-prime loans these days. If you could find someone that would loan you more, the interest rate would probably be several points above the going rate ... which over the course of a 15 or worse 30 year term could cost you big money.
ReplyDeleteI know apartment living and/or renting sucks, but if you and your wife can both do all the right things with your credit for 1 - 2 years ... you'll see your scores go up considerably and that will help you secure a better loan amount and rate.
But ... if you do decide to go ahead ... you might consider a company like Lendingtree.com .... or something similar ... those places go out and find the best loans available given your credit situation. Good Luck.