Comments on: Zero Down Loan? You Better Have a 620 Credit Score or Higher http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-331494 Rhonda Porter Thu, 08 Jan 2009 22:28:44 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-331494 Heather, The good news is that is sounds like you're on the right track--however you may have some more work to do before you're really in a position to buy a home. FHA loans are available for credit scores around 580 however the rates are much higher. You will benefit greatly by getting your mid scores up to at least 600 and even more by reaching 620. Also, with FHA you're now required to have at least 3.5% of the sales price for down payment (which can be gifted from a family member) and you should plan on having at least 4 months of reserves (your future mortgage payment) in a savings account. (I don't see if you mentioned savings in your comment--but because of this post, I'm assuming you're searching for low to zero down). HUD does offer counseling: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm I think it's much better off to postpone buying and making sure you're in the right position than to rush in because it seems like others in similar or worse positions are doing it. Heather,

The good news is that is sounds like you’re on the right track–however you may have some more work to do before you’re really in a position to buy a home.

FHA loans are available for credit scores around 580 however the rates are much higher. You will benefit greatly by getting your mid scores up to at least 600 and even more by reaching 620.

Also, with FHA you’re now required to have at least 3.5% of the sales price for down payment (which can be gifted from a family member) and you should plan on having at least 4 months of reserves (your future mortgage payment) in a savings account. (I don’t see if you mentioned savings in your comment–but because of this post, I’m assuming you’re searching for low to zero down).

HUD does offer counseling: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

I think it’s much better off to postpone buying and making sure you’re in the right position than to rush in because it seems like others in similar or worse positions are doing it.

]]> By: Heather http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-331481 Heather Thu, 08 Jan 2009 20:19:07 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-331481 Advice requested. My husband and I are desparetly in need of advice on attempting to purchase our first home. I know that at this time, it is not good for people with poor credit. Both of our credit scores are 581. We both have student loans that had gone into collections because of not having good jobs to afford to pay on the loans. Then they attached a wage garnishment in attempt to retain the money. At that time I was naive well since they are getting their money then we are paying on them and that this would appear ok on our credit. We are both now doing the loan rehab program to get us back on track with showing that we can pay the monthly payments on a timely fashion, which we have been doing. We have had decent jobs for 5 years, only have one credit card and a car payment plus the student loan payments. I just get frustrated because I see people get approved for home loans with hardly any income or government funding of some sort and we have attempted to better educate ourselves. I feel that we are penalized for going to college. We have been faithful renters to the same home for 5 years and not late on bills but can't seem to get ahead with this student loan debt. Where do I start in order to be a home owner? Advice requested.

My husband and I are desparetly in need of advice on attempting to purchase our first home. I know that at this time, it is not good for people with poor credit. Both of our credit scores are 581. We both have student loans that had gone into collections because of not having good jobs to afford to pay on the loans. Then they attached a wage garnishment in attempt to retain the money. At that time I was naive well since they are getting their money then we are paying on them and that this would appear ok on our credit. We are both now doing the loan rehab program to get us back on track with showing that we can pay the monthly payments on a timely fashion, which we have been doing. We have had decent jobs for 5 years, only have one credit card and a car payment plus the student loan payments. I just get frustrated because I see people get approved for home loans with hardly any income or government funding of some sort and we have attempted to better educate ourselves. I feel that we are penalized for going to college. We have been faithful renters to the same home for 5 years and not late on bills but can’t seem to get ahead with this student loan debt. Where do I start in order to be a home owner?

]]> By: Rhonda Porter http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-328410 Rhonda Porter Tue, 11 Nov 2008 17:14:08 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-328410 Mrs D, I suggest you contact your church and other charitable organizations such as the Good Will or Salvation Army. You may want to check with your local authorities since your husband is disabled to see if you qualify for any type of aid. Good luck. Mrs D, I suggest you contact your church and other charitable organizations such as the Good Will or Salvation Army. You may want to check with your local authorities since your husband is disabled to see if you qualify for any type of aid. Good luck.

]]> By: Mrs D http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-328363 Mrs D Mon, 10 Nov 2008 22:24:36 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-328363 Hi im writing this in desperate need of help or advice, i will be fortunate for either , well I have been seeking a loan , rather a personal loan to bring all of my bills into one monthly payment but a lower payment, i want to use the loan to pay off my credit cards debt and the balance owed on my vehicle , i owe 16,500 on my vehicle and about 10,000 in credit card debt. I have gotten myself in a bind by trying to help other people and do everything to make other peoples lives better , and now im in a bad situation with no one to call on. What i mean by helping others is , i used my credit card to make christmas for a few families , because they had nothing , no gifts , no food , barely each other , no money , and their bills wasnt paid , so i felt that God spoke to my heart to do these things and I did them. My husband has a given heart as well , and found ourselves buying groceries for different family homes 2 and 3 months straight spending hundreds of dollars while we settled for a few bags of grocery for ourselves.I recently started a business from home but had to stop due to the fact i have no money to invest in it, , i receive child support of about 800 per month and my husband is disabled and receives 600 per month , well with rent being 550 , truck payment 500 , insurance, light bill , waterbill ,phone bill, gas , and grocery, credit card payment , im now in the hole , i never seen myself in this postion, i wanna know can someone give me info on a guaranteed loan , or assist me with a personal loan , i have the funds to pay the monthly payment on the loan , i just dont want to make 5 and 6 different payments per month , i just want to pay thehigh debt off and make one monthly payment, so that i can have christmas for my kids, We always gathered around every year and opened gifts , but this year i know i have to explain to them that there wont be nothing at all , but the gift of life and us being together will have to do this year and i know two little kids wont understand that , maybe my 10 year old , but not my smaller one , i m not in a pity party , and i only cry when im not around them , im trying to be strong , but i have ran out of options, i have been applying for jobs on top of jobs , to work from home , because as i said my husband is disabled and need 24 hour assistance , so im doing my best , but sometimes your best just isnt good enough , can someone please give me some advice or lend a helping hand. I am reliable and responsible and will definately pay all of my debts in a timely fashion/ Thanks in advance and God bless u Hi im writing this in desperate need of help or advice, i will be fortunate for either , well I have been seeking a loan , rather a personal loan to bring all of my bills into one monthly payment but a lower payment, i want to use the loan to pay off my credit cards debt and the balance owed on my vehicle , i owe 16,500 on my vehicle and about 10,000 in credit card debt. I have gotten myself in a bind by trying to help other people and do everything to make other peoples lives better , and now im in a bad situation with no one to call on. What i mean by helping others is , i used my credit card to make christmas for a few families , because they had nothing , no gifts , no food , barely each other , no money , and their bills wasnt paid , so i felt that God spoke to my heart to do these things and I did them. My husband has a given heart as well , and found ourselves buying groceries for different family homes 2 and 3 months straight spending hundreds of dollars while we settled for a few bags of grocery for ourselves.I recently started a business from home but had to stop due to the fact i have no money to invest in it, , i receive child support of about 800 per month and my husband is disabled and receives 600 per month , well with rent being 550 , truck payment 500 , insurance, light bill , waterbill ,phone bill, gas , and grocery, credit card payment , im now in the hole , i never seen myself in this postion, i wanna know can someone give me info on a guaranteed loan , or assist me with a personal loan , i have the funds to pay the monthly payment on the loan , i just dont want to make 5 and 6 different payments per month , i just want to pay thehigh debt off and make one monthly payment, so that i can have christmas for my kids, We always gathered around every year and opened gifts , but this year i know i have to explain to them that there wont be nothing at all , but the gift of life and us being together will have to do this year and i know two little kids wont understand that , maybe my 10 year old , but not my smaller one , i m not in a pity party , and i only cry when im not around them , im trying to be strong , but i have ran out of options, i have been applying for jobs on top of jobs , to work from home , because as i said my husband is disabled and need 24 hour assistance , so im doing my best , but sometimes your best just isnt good enough , can someone please give me some advice or lend a helping hand. I am reliable and responsible and will definately pay all of my debts in a timely fashion/ Thanks in advance and God bless u

]]> By: ARDELL http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-265576 ARDELL Sun, 17 Feb 2008 16:57:39 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-265576 I caught it too, though it doesn't email me when it's Rhonda's post. I have an Open House this afternoon, but I'll check before I leave and when I return for your question Dustin G. I caught it too, though it doesn’t email me when it’s Rhonda’s post. I have an Open House this afternoon, but I’ll check before I leave and when I return for your question Dustin G.

]]> By: Rhonda Porter http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-265566 Rhonda Porter Sun, 17 Feb 2008 16:43:45 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-265566 Dustin G, we are notified when someone comments on a post that we've written. What's up? Dustin G, we are notified when someone comments on a post that we’ve written. What’s up?

]]> By: Dustin Grochala http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-265445 Dustin Grochala Sun, 17 Feb 2008 12:39:30 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-265445 Hello Rhonda and Ardell, I have a few questions and comments regarding my current real estate woes. I read through all of the postings in this blog and find myself in quite similar circumstances as some of the other posters. Before I get on my milk box and start blabbing about my problems and requesting your advices I'll wait to see if there is a response to this post as it looks like it's been 4 months since the last. I'm a former Olympia resident that now lives in New England. I look forward to speaking with you later. Dustin - DAK Hello Rhonda and Ardell, I have a few questions and comments regarding my current real estate woes. I read through all of the postings in this blog and find myself in quite similar circumstances as some of the other posters. Before I get on my milk box and start blabbing about my problems and requesting your advices I’ll wait to see if there is a response to this post as it looks like it’s been 4 months since the last. I’m a former Olympia resident that now lives in New England. I look forward to speaking with you later.

Dustin – DAK

]]> By: Rhonda Porter http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-199578 Rhonda Porter Thu, 25 Oct 2007 21:18:42 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-199578 Ubersalad, GREAT SUGGESTION! I decided to delete it, which I really prefer not to do.  In fact, I considered debating the person except most of the email was jibberish.   There are <a href="http://www.mortgageporter.com/reportingfromseattle/2007/10/you-dont-need-2.html" rel="nofollow">still zero down loans available</a>...just not the "subprime" stuff from pre-August. Ubersalad,
GREAT SUGGESTION! I decided to delete it, which I really prefer not to do.  In fact, I considered debating the person except most of the email was jibberish.   There are still zero down loans available…just not the “subprime” stuff from pre-August.

]]> By: Ubersalad http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-199565 Ubersalad Thu, 25 Oct 2007 20:46:46 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-199565 sigh...high school education or better should be a requirement for posting. sigh…high school education or better should be a requirement for posting.

]]> By: Rhonda Porter http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-187698 Rhonda Porter Tue, 02 Oct 2007 04:45:27 +0000 http://raincityguide.com/2007/03/02/zero-down-loan-you-better-have-a-620-credit-score-or-higher/#comment-187698 Thanks, Jillayne. I must have been bouncing between this post and yours! :) Thanks, Jillayne. I must have been bouncing between this post and yours! :)

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