Question by wbabqueen: What exactly am I getting myself into with a Government loan for a House?
I have no credit, health hospital but not bad credit either. I’m looking for a FHA certified realtor to help me get started looking. Or maybe a list of FHA certified lenders or whatever it is I need. And what does this all involve. I hope I’m not going to be signing my life away. . . Maybe somebody that has done this before… how did it go for you?
Thanks
Thanks Taras Problems. You really sound like you know what your talking about. Thanks for the tips! =)
Best answer:
Answer by Found-1
A house and a mortgage is not something to jump into lightly. Upkeep and the financial responsibility’s are something for only those who are financially secure and have no plans of moving for years to come. I would suggest you get pre-approved for the loan first… then start looking for a Realtor and a house. Many times folks waste precious time and money in looking at houses and never realize they don’t qualify or don’t have a large enough down payment.
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Question by rd: What is an estimated rate we might qualify for on a mortgage?
Hi I was wondering if anyone might know (or had simular issues) what an estimated mortgage rate would be for us. We would pre-qualify, story but we are trying to keep our credit inquiries down as we will (hopefully) be looking to buy in the next year. Here is our situation:
* Married first time home buyers. Median FICO’s of 568 and 571
* I filed Bankruptcy 2 years ago. My Husband has not filed bankruptcy before.
* I have been in the same field for 6 years.
*Husband has been a full time student.
*We and have paid off all outstanding debts except one car payment of $ 350 and a student loan of $ 100 per month both with excellent payment history.
*Our approx gross income is $ 65, search 000/year.
*We have $ 5, order 000-$ 10,000 for downpayment.
*Neither of us have a current rental history as my company takes care of our living arrangements (medical traveler).
Any suggestions or thoughts? Thank you
If the rate we are given is high (sounds like it will be) then if there is no penalties, Would it be likely that we could refinance in a few years after esablishing payment history and having better credit scores?
Best answer:
Answer by bigslick60
From the information u gave u could not go F H A so u will have to get a B loan or conventional loan, your rate will most likely be around 9% – 12%.
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