itsmeuc

5 Contributions 5 People Helped

Member Since: January 2014

About Me: 20yrs+ Mortgage Loan Officer

Most Helpful Contribution

my credit score is in the 560's how can i get a mortgage?

Jan 16, 2014
Helpful to 3 out of 3 people

Some lender go as low as 580 on an FHA loan. If you need to go that way. I try not to place borrowers in a FHA loan due to the MI costs, however unless you have a 620 score FNMA will not approve the loan in most cases. FHA rates and loans are not bad. I just think that if you have a choice, conventional is a better option.

Activity (5 Total Contributions)

my credit score is in the 560's how can i get a mortgage?

Jan 16, 2014
Helpful to 3 out of 3 people

Some lender go as low as 580 on an FHA loan. If you need to go that way. I try not to place borrowers in a FHA loan due to the MI costs, however unless you have a 620 score FNMA will not approve the loan in most cases. FHA rates and loans are not bad. I just think that if you have a choice, conventional is a better option.

what score number do I need to buy A house

Jan 16, 2014
Helpful to 1 out of 1 people

Some lenders go as low as 580 on FHA loans. Not my company, but find a lender in your area that is signed up with this company.

http://www.fgmcwholesale.com/Default.aspx

Who will finance home equity with high debt to income ration?

Jan 16, 2014
Helpful to 1 out of 1 people

Try US Bank-    https://www.usbank.com/home-equity/home-equity-faqs.html

Will refinancing my mortgage have a negative effect on my credit?

Jan 16, 2014

It shouldn't have a long term effect on your score. Only the credit pull should effect you in the short term if at all. The credit pull may lower your score a little and the lower payment may help a little.

Trying to buy a home

Jan 16, 2014

ChicagoBoss is right to contact your lender first. I would contact more than one and choose the one that fits you best. Pulling your credit for a loan through a few lenders will not effect your scores as in the old days. Laws have changed to allow borrowers to shop. I would also look for a conventional vs FHA if possible. No upfront MI and lower monthly MI. FHA MI (Mortgage Insurance) stays for the life of your loan. A conventional loan with MI, the MI drops off @ 80% Loan to Value and no upfront MI fee required.