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Posted: Wed Mar 15, 2006 1:58 pm Subject: loan for a house

my parents are looking into getting a home. my dad doesnt have good credit at all. my mom has decent credit. i was wondering what kind of credit score it would take to get a loan for a house. anyone know of any companies that will give out loans to people with mediocre credit. if anyone can give me more info on what it takes to take out a loan and if you know of any good lenders, please let me know

Posted: Wed Mar 15, 2006 2:05 pm Subject:

Don't know any specifically, but there are lenders that specialize in this...The interest rate is always way higher though...

Posted: Wed Mar 15, 2006 2:09 pm Subject:

are there lenders out there that let you get a loan without any sort of down payment, i know you usally end up paying more in the long run with interest, but we cant really afford to put too big of a downpaymeny. the reason my parents are planning on moving to a house is because the pay rent monthly for a townhouse, and its much better to be paying monthly knowing that you are paying to own something, instead of having the money go awya for nothing

Posted: Wed Mar 15, 2006 2:12 pm Subject:

Most of the credit denials happen if the credit scores are too much lower. You can bag a good package for a credit score above 650. But if you have lower scores, then you might have to pay higher interest rates. If I had been in your place, I will like to wait for some time and repair the credit file first. Pay off most of the accounts so that the file improves and credit scores go higher. Its effect will be directly seen on the interest rates that the loan companies will be charging.

Posted: Wed Mar 15, 2006 2:17 pm Subject:

My mom took out alot of plus loans for my school and we cant really afford to pay them in full right now.. i was planning on taking care of them once i graduate from school.. i was wondering if they effect her credit score just as much as any other loans

Posted: Wed Mar 15, 2006 3:02 pm Subject:

If those loan accounts are itemized in her credit report, then the non-payment is hurting her file. Full payments can only do the possible repair. If there are difficulties, you can consider some debt management programs.

Posted: Wed Mar 15, 2006 3:08 pm Subject:

we are making regular monthly payments on them now.. none of our payments have been late.. she has several plus loans under her name.. and a credit card with about 4000 debt.. all the payments have been on time though.. i was wondering how this will come into effect when we try and take out a loan for a house

Posted: Wed Mar 15, 2006 3:09 pm Subject:

fka22

Finding a loan to buy a house is a difficult process. You can get loans basically anywhere, but finding the right lendor who won't charge an arm and a leg is the hard part.

There will need to be some leg work involved, and some research your parents should put into it. Knowing what you can afford is the first step. I recommend talking with your financial institution, first, to see what kind of rates they can offer. If you belong to a credit union, even betten. Credit Unions seem to offer better deals, however there are lendors out there who can bargain.

You can also google search "home loans" for first time buyers. I'm not recommending internet home loan services, but that can give you an idea of who to be contacting.

Also, as far your school loan goes, was there a contract stating you were suppose to be making monthl payments? Are you still in school? Most school loans are paid back after graduation, are given an extensive amount of time. Depending on your major, you could be paying it back over a 5-10 year period.

Regards-
Mike

Posted: Wed Mar 15, 2006 3:34 pm Subject:

the one thing i have been told is that student loans are the best to have. They are low interest and that is a good thing. I have student loans that i am trying to just pay the lowest payment i can. As for the house u will do best by shopping around and getting the best interest rates u can find.

kevinloans · Posted: Wed Mar 15, 2006 5:41 pm Subject: Response

The minimum FICO score to get a 100% purchase home loan is 580. In some cases you might be able to get away with 560.

Posted: Wed Mar 15, 2006 5:45 pm Subject:

Posted: Thu Mar 16, 2006 7:29 am Subject:

would you guys say its better to get a loan over the internet or to go and talk to lenders in person.. im assuming that since its our first time we should go and tlak to the lenders in person.. let me know what you guys think

Posted: Thu Mar 16, 2006 10:45 am Subject:

I would talk to a local agent in your areas,they can give you advice of where to go, and even help you in getting the loan.

Posted: Thu Mar 16, 2006 11:59 am Subject:

Getting a home loan over the internet isn't a good idea, because you're having to do more leg work in faxing in documents, and playing phone tag. Internet loans are risky to begin with. You also never get the pesonalized service that comes with walk-in and local agencies.

Posted: Thu Mar 16, 2006 1:11 pm Subject:

thanks for the help.. anyone know of any big chains that would be good to try out first?

Posted: Thu Mar 16, 2006 2:54 pm Subject:

fka22

Using a search engine such as google and using key words as "home loan bad credit" will list many options of reputable companies. I will list a few in your mail box.

Regards-
Mike

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