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Can I get a good mortgage?


jon
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OK here's the deal..my wife and I just had our little one 5 months ago and we really want a home for her...My credit score is 560 with 4 account unsatisfactory..3 with one 30 day late in 2005 and one of them with 7 30 day late. The one with 7 is a loan I co-signed for which I did for an ex as a debt consolidation loan. When she left she promised to refinance and get it off my name...well that never happened, with that said I just took over the loan becuase she quite paying completely and Im hoping to dispute the lates as I have proof she was the one who paid..anyways my wife score is in the 400's from CC's in college were currently working with creditsolutions.com to get her set...I have a total of about 50K in my name worth of debt...Is it still possible to get a fully financed home with a good rate? I tried before but the conditions were ridiculous, I cant use my wife as her credit is horrible but I want to show her income counts...We plan on getting rid of one car so that will knock my debt to about 30k..I will also be paying off two loans in a few months so thats another 4K off...Im currently active duty military but it seems the VA loan is impossible with my conditions now...Do I have any good options?? I really want to put my baby in a home..Hell we pay $1085 for our luxury apartment now, so a few hundred more can be done...Someone please shed some light on me...Thx for any and all help--Jon

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With a 560 score the best you can hope for is either putting 10% down or getting a seller that will carry a 2nd note for the 10%.

The rates will be high as your credit scores show that you are a much higher risk than someone with a 660 score.

It maybe worth it however. If you get a loan that you can afford, in 2-3 years of on time payments on your home and developing some positive tradelines like credit cards that you pay on time, your scores can be in the 620+ range where you may be able to refinance at a much better rate.

Charles

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