By Admin on Sep 29, 2008 in Renting & Real Estate
Mom2Boyzz asked:
My husband and I are looking for a mortgage. This is our problem…
We were renting a very expensive farm house, and stupidly decided to help 2 family members out, and let them live with us. We ended up supporting them completely for over a year. Ultimately, this took us into financial despair.
My husband and I are looking for a mortgage. This is our problem…
We were renting a very expensive farm house, and stupidly decided to help 2 family members out, and let them live with us. We ended up supporting them completely for over a year. Ultimately, this took us into financial despair.
My credit score is 499, my husbands 487. We both have full time, secure jobs, making about $100k/year.
I’m trying to clean up our credit, but am told it will take a while, is there any way we can get into a mortgage now?
We have 5% down, but there is no way we can come up with 20 – 25% down. We’re paying $1200 / mo for our Kitchener, ON apartment, and know we could have a house for that money.
We’re looking at $175 – 199k houses.
Do we have a chance? What should we do?
Thanks for any and all advice.
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No, and if you were to manage to get a loan you’d be paying a very high interest and that would be even worse to put you in debt.
mrtnz2006 | Oct 2, 2008 | Reply
Get your credit scores up first. You’d be stuck with a high interest rate or worse yet and interest only loan.
John F | Oct 5, 2008 | Reply
For free consumer information and advice on obtaining mortgage loans with a bad credit history and tips on how to improve your credit rating before you apply for a mortgage visit the source below.
smarttrader101 | Oct 6, 2008 | Reply
With those scores you will need much more than a 5% down payment.
Check this out:
Puddinhead | Oct 8, 2008 | Reply
I’m a mortgage broker from Edmonton, Alberta. I specialize in clients that have credit issues in the past. You can contact me at my website . I may be able to help you.
Jon H | Oct 12, 2008 | Reply