Your Questions About Mortgage Loans

Ken asks…

In relation to mortgage loans what constitutes a low credit score?

I have been reading lots about the housing crisis and have learned that the loans for new mortgage loans for people with low scores it getting harder to aquire. What constitutes a low score? 600? 590? 650? 625? I am now ready to buy my first house and am finding out that my scores may prevent me from getting a loan.

John answers:

To insure a good rate you need to be in the upper 600’s… To reserve an EXCELLENT rate.. The upper 700’s…

What I would do is to go this website, and get all 3 credit reports at once, then go down the credit report and dispute anything you think is in error with the credit agency that is showing the erroneous mark..

Housekeeping can make your FICO score go up 20-50 points, because I know, I’ve done it….

Mandy asks…

What banks do mortgage loans with credit scores below 600?

My credit scores are between 570-590 from past late payments on student loans. I since have a good credit history and income but I can not find a lender. I have read that FHA loans only require 580 scores but I can’t find any way to get a loan. Any suggestions will help. I need a mortgage now- I am under contract to buy a house on 2/26.

John answers:

600,,,impossible especially when they see the online gambling you have been involved with…there is no way…

Sandra asks…

How do I find out if someone is using my name for mortgage loans that I know nothing about?

I was looking up my credit report online and for the questions to make sure I was me I was asked about mortgage loans in two different years that I know nothing about. I’m renting a apartment and haven’t took out any loans that I can think about

John answers:

Www.mycreditkeeper.com will allow you to view all 3 reporting agencies at once. I have also looked up my reports online and had them ask bogus questions When I looked at the report, nothing showed that had the info from the bogus questions. I think they just throw those in there for the match up process. I would check your report at the site I listed and if nothing shows, I wouldn’t worry about it.

Helen asks…

I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal?

I am planning to buy a home outside the United States, I am wondering if I can get mortgage loans or personal loans here in the US. If so who should I contact. Please advise. Thanks.

John answers:

Yes. Depending on what country. You’ll have to research the brokers who handle out of country loans. There are actually quite a few of them.

Nancy asks…

What is a Reverse Mortgage and are they good loans?

My neighbor told me about these reverse mortgage loans and I wanted to ask here if this a safe way to get some cash out of my home.

John answers:

A reverse mortgage is a really great thing if you have lots of equity in your home, and you don’t have very much liquidated cash to enjoy your retirement.

Anyways, you can find info and resources about reverse mortgages here:

http://reversemortgageresource.blogspot.com

________________

Powered by Yahoo! Answers

This entry was posted in Uncategorized. Bookmark the permalink.