Question by …: does anyone have any resorces on low or bad credit home loans?
I am trying to find a home loan but i dont have good credit my score is pretty low and i dont have much of a down payment does anyone know of any place i could look to mabey get a home loan in florida? I am new to the whole process and dont know what to look for a lot of places say bad credit is ok but you have to have at least a 600 credit score?? I dont know where to look anymore.
Thanks for the help.
Best answer:
Answer by steve g
You may qualify for an FHA loan. The down payment is low and the credit scores aren’t as important.
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Question by Karen S: Relocating: What income is looked at for the home loan?
I am thinking of moving from California to Utah. In qualifying for the home loan, about it do the banks look at my current income and job or do they want to see proof of income and job from a Utah company? I would think they would want to see proof of employment in Utah, sickness but not many companies will hire you 2 months before you can actually start. Any feedback would be much appreciated. Thank you.
Best answer:
Answer by Geni
Your saving grace will be the amount of the down payment you can put down. The potential mortgage holder may want verification from the new Utah company, cialis 40mg showing your projected salary. And your previous tax returns to show your financial history. Good luck to you.
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The lender will go by tax returns and your current salary.
I am not an expert but I would say that it’s the current income you are making when you apply for the loan. If you want it to be based on the income you’ll be making in Utah, then I think you’ll have to provide some sort of proof of your salary there. They usually ask for pay stubs and sometimes have the employer fill out a form confirming your pay. Good luck.
Unfortunately if you’re going full doc or even stated, banks will want to see that you will have a job where you are moving to and what your projected income will be.
For qualifying they will base your income on your jobs for the last 2 years but they will verify your current and will want supporting documents for your future job.
There are many ways around it… For one there is a document type program called “No Doc” where they do not verify any employment and care less where it is.
“Some” lenders will not verify employment on “no ratio” doc types.
I will say this much find a good broker and he/she will always find a way.
In the lenders eyes If you will not have a job right after you move you will not have any income to pay for your mortgage. Chances are you will not be able to get a loan just because there is a great possibilty that you will not be able to make your payments. In today’s market that is a risk they’re not willing to take.
If you have found or will find a job that will allow you to make payments comfortably then I see no problem. The key is for them to have assurance that you will be able to make your payments.
Update:
It is true if you currently own a home you can apply for a second home type residence if the property is a reasonable distance away from your primary. Otherwise it will be considered an investment property.
loansbyt…: If you’d like a list of a few lenders that do not require employment verification on no ratio shoot me an e-mail. I did have the word some in quotes.