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Question by Barb: Trying to refinance my home contacted mortgage co for bad credit but was turned down is this false advertismen

Best answer:

Answer by AM-NM centaur
I dunno. Read the fine print or consult a lawyer.

Know better? Leave your own answer in the comments!

Question by cjrossi: Mortgage w/ 629-650, 20% down?
Deets:

Scores were right around 629, but I have since done the following things to try to boost the score:

1) gotten myself removed as authorized user on 3 bad RC accounts that were not in my name

2) gotten myself added as auth user on an aged, perfect history account w/$ 10k limit and minimal balance

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100% Financing Or No Down Payment & Bad Credit Mortgage Loans

Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements. visit here –  http://getquickenmortgageloans.blogspot.com

Types Of Zero-Down Loans

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I know i should save $ for a down and have been but something always come up with kids and it’s VERY HARD so pleeeease, no lectures *smile*:-)))
. Here’s my question. I was told I am eligible for the piggyback 80/20 loan (I have bad credit I am fixing)but the 20% loan up can have 10% interest! I’ve done some calculating and if this is the case I’ll be paying about $2300 for the 1st mortgage and $800 on the 2nd and basically would have negative equity by the time I finally move in. Am I right? Should I just wait to save at least 3% for the SONYMA loan which gives you 6.7% interest? PS-my dad has great credit and he said he would co-sign.

What about a 100% loan with PMI instead of a piggyback loan? What would the monthly mortgage be guesstimating the home is $430K?

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You might ask why I’d want to do this…well I have great credit right now but not enough tradelines (meaning its new credit and I dont have sufficient credit history to qualify for a good mortgage rate). I was approved for 100% financing under the condition that I have sufficient trade lines. So I’m thinking of having my dad add me as an authorized user on his cards so that my credit report will show credit for over 2 yrs. My concern is that since his score is not as good as mine…will it bring mine down?

Hi,
We currently own a mobile home on it’s own land. We’re interested in purchasing a house, but have bad credit. A family member is going to loan us 40,000 (we’ll pay them back when the mobile sells). The house we want is 90,000. We make about 25,000 a year. Will we be able to get financed?

I noticed that all the real estate mortgage calculators default to 20%, is this because you can’t typically only put down 10%? My fiance has perfect credit (we’ll be buying after we’re married). My credit isn’t so perfect, but it can go in his name I assume. Also, by the time we buy, our combined income should be around 75k/year.

Thanks!