is there any chance i can get a loan for a personal residence w/ an income of around $42k and a credit score of 552?
absolutley tell me the following details
price of the house
why your credit is 552
how much of a down payment you can put
how much you have in reserves in your bank account
can you prove all the above?
let me know
Actually I don’t have an amount for the house… I don’t have any in mind yet. Just wondering if it’s possible because I’m tired of living in an apartment. Not a lot in reserves in the bank… balance of my checking account is usually around $1,000. I have been pretty lose w/ my money but I’m getting on a budget now so things are going to change. Nothing for a down payment now, but I can save for one. There are about to be some drastic changes in my life.
My score is 552 because when i was fresh out of high school I got a couple credit cards and a cell phone, but found other things to do w/ the money than pay my bills. I settled years later w/ a couple of the cards and 1 card never got taken care of…neither did the cingular bill.
My take home pay right now is about 2600 a month and all my expenses down to even gas and groceries are 1450.
Hi Shaun,
I think the question would be more like, would you want a mortgage based on those scores, etc? With the information you have here on this post, it is more than likely that someone can do a loan for you, but the problem is what would the rate be based upon your scores and the amount of house you are trying to buy.
There are so many mortgage programs out there today that just about anybody with a pulse can get a loan…if you are willing to pay for it. Your take home pay is good enough to get you into a home, but what you want to make sure of is that the loan you get isn’t going to sink you…100% financing is available on any number of loan programs, but if done incorrectly you will end up paying through the nose for rates and fees if you are not careful. Get your credit back in shape. It’s not that difficult to do and won’t take as much time to fix as you might think. E-mail me if you like and I can send you some information on credit scores and how they are affected by past and present credit accounts. Also you can go onto several websites that can show you how credit works and what you can do to make it look better. You’d be surprised at the credit industry and what some common misconceptions are, I was.
Good luck in your search.
marc