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mzjazzyazz

lowest score possible

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credit score of 580 to 620 can get you into an FHA loan with only 3% down and the rate will be a little better than a subprime loan.

If someone were to fall within this category but have no assets and no savings, can they still get a mortgage?

Yes, use gift funds or home buyers assistance program.

I was about to ask why gift funds or a homebuyer's assistance program would be necessary if you have 3% to put down on an FHA loan, but I think perhaps you mean to use the gift funds for the 3%. Is that right?

I think I will have 3% in my own funds to use as a downpayment but I do not have any other assets or savings to show. I thought that might stand against me being approved.

FHA 3% down payment and need 2 months reserves (2 months of mortgage payments in your bank account)

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nope. I don't know who would approve me for a secured card and I just don't want to be applying at all these different places and having them run my credit. any suggestions?

Do a search on National City. From what's been posted they have a good secured card program. I don't recall the details on pulling, scoring criteria, etc...

Orchard Bank, and Household Bank's Aspire card, are two cards you can probably qualify for. They charge very high yearly fees, and the starting credit limits are low, but they will get you started.

The other thing that you could do is have someone add you to their card as a co-borrower. The possible bad thing is that whatever happens to them, if it changes their credit stuation, changes yours, and you are "at their mercy" to have them take you off their card/s, so that is a last resort.

Charles

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I am very new to this site, just registered over the weekend and thought what a great resource, so I make a post and am thinking I am actually helping others and out of no where comes sarcasm and ego towards my posting?

There was absolutely no sarcasm in my original thread and reply to the original question, nor competition????? (Where did that come from?). Actually, while you were posting, I was in the background typing my reply, so I really have no idea where you would get those implications from.

All are welcome here, and feel free to join in anytime you wish.

There are lenders FHA lenders out there who will still do manual underwriting for FHA approvals, and there has never been a credit score requirement for FHA or VA loans. Some of the lenders today do want a 585 credit score, but those lenders are thinking they are cutting risk, when in fact the file that I referenced to above had more going for it than many who have a 585 credit score.

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Orchard Bank, and Household Bank's Aspire card, are two cards you can probably qualify for. They charge very high yearly fees, and the starting credit limits are low, but they will get you started.

Thanks Charles, I was just getting to the real question. First Premier, in my opinion is one to avoid at all costs. There is no reason to receive a secured card, and then receive a first billing statement that shows an "Over credit line penalty." Very expensive for establishing credit.

Meldisha,

With the post bankruptcy deragatory credit, you will not be able to qualify for FHA financing. About the only suggestion I can lend to your situation would be some credit depth (discussed), and keep things clean for about six months, while trying to get the negative items taken care of.

Once two or three more open tradelines start reporting, and provided there are no more new negative items on your credit report, your scores should start rebounding to a respectable level.

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As I stated in my earlier posts.

Not trying to be conflicting here, but I think for all intensive purposes in this forum, unless ppl reading these posts also know and understand what IS required by an underwriter I think projecting such simplicity from the example you gave is not the norm nor is it realistic for most ppl. It is absolutely a case by case basis, but mortgage lending guidelines are adhered to and there is no way around them. Not everyone with a no score or a 416 score is going to get approved for a mortgage loan, at least not with Fannie Mae or Freddie Mac, or even a govt loan (FHA) in fact the chances of it are quite rare indeed. I am sure your borrower had a lot more going for him than you are taking the time to tell. All I am wanting to stress here is that is not a typical situation and I would not want ppl reading this to think it is that simple and that any score will work, b/c that is just not the case.

I hope my posts have helped someone here, as far as (amortgageman) you have a lot of great information, but the receptivity is all in the delivery. No ill will intended, take care.

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YES, you are definately right. I am going to have to start getting my credit in tact. The funny thing is that I am the one stopping us from getting a house and I make twice as much as my husband. He has been clowning me all day, saying well if if wasnt for your those scores of yours we could get a house. lol. I will have to wait until my first round of disputes comes back and see what that does for my score.

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MELDISHA: Don't take this as an insult. I just want to make sure I'm reading something correctly.

You declared BK. Since BK you have lates, car payment lates, and a CO? Just to borrow a phrase from Suze Orman GIRLFRIEND!!! to me that sort of behavior (if I were a banker which I am not) tells me this is someone who just doesn't "get it".

I don't live in a glass house nor wish to throw stones. I've been there ... and I learned my credit lessons the hard way and I have eliminated my major credit problem - I DIVORCED HER!!!! I had to dispose of ALL credit, then slowly bring it back one account at a time - and have a VERY good banker that knew the situation I was in was not entirely of my doing.

Think of it this way: Wouldn't it be better to NOT get the house now, as opposed to getting a mortgage with horrid terms, saddled with a payment that balloons in 2-5 years, and getting into a situation that you can't afford your house anymore and you have to dump the house with no equity or worse - lose it in foreclosure.

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I think you are a bit late on your response. I have been in my house for 8 months and I already have almost $100K in equity and I my income has increased 30K this year and the year is not even over. The last thing I am worried about is losing my house. I did the right thing and got in at the right time. Your scenerio just didnt apply to me. Sorry! If I don't "get it "who cares, I got it- my house! U need a loan?

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Meldisha,

Just curious, what type of loan program did you use to get into your home? My situation is similar to yours, but in a reverse scenario.

by the way, loved the wedding pictures :everybodyclap:

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