U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 05-19-2012, 03:27 PM
 
6 posts, read 4,256 times
Reputation: 10

Advertisements

I am a first time home buyer. I tried to go through my bank wells fargo as a lender but they have told me my median score has to be over 620, it is currently 608 while my highest is over 620. I also have a cosigner but they said it will not matter, they still cannot approve me.

My question is, are there other institutions that have lower credit score requirements to be preapproved for a loan? I will be making a down deposit of at least 10% but more likely 20% and I will also have a cosigner. Any help or info will be very much appreciated. I have had a recent burglary that warrants me moving out asap as my life or family's is not safe anymore.
Quick reply to this message

 
Old 05-19-2012, 07:35 PM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
9,913 posts, read 14,635,288 times
Reputation: 2747
Quote:
Originally Posted by okegs4ever View Post
I am a first time home buyer. I tried to go through my bank wells fargo as a lender but they have told me my median score has to be over 620, it is currently 608 while my highest is over 620. I also have a cosigner but they said it will not matter, they still cannot approve me.

My question is, are there other institutions that have lower credit score requirements to be preapproved for a loan? I will be making a down deposit of at least 10% but more likely 20% and I will also have a cosigner. Any help or info will be very much appreciated. I have had a recent burglary that warrants me moving out asap as my life or family's is not safe anymore.
Why not consider renting a house for a while? The credit requirements are less stringent, you'll have a lot more flexibility if you ever decide to move again, and there are thousands of good properties for rent right now in the metro.
Quick reply to this message
 
Old 05-19-2012, 07:48 PM
 
Location: Atlanta, GA (Brookhaven)
1,158 posts, read 681,896 times
Reputation: 651
It's going to be hard getting a mortgage anywhere in the country with that score right now. That's the reality we face in the post mortgage crisis/collapse world. I would rent for a while and work on improving your score. Pay off any credit card debt you have, don't apply for any new credit, pay all your credit and loan accounts on time. Do that for 1-2 years and you should be in a better position.
Quick reply to this message
 
Old 05-20-2012, 11:40 AM
 
Location: Marietta, GA
7,739 posts, read 10,018,914 times
Reputation: 3268
If you have 20% down payment and a co-signer who qualifies, then I would think you should be fine, assuming the property appraises correctly.
Quick reply to this message
 
Old 05-20-2012, 11:47 AM
 
Location: 30328
425 posts, read 1,200,762 times
Reputation: 145
Forget the credit for a second - you are going to end up upside down unless you are willing to purchase in certain pockets of the metro area, and those pockets tend to be least affordable as well. Otherwise, renting first is a good recommendation.
Quick reply to this message
 
Old 05-20-2012, 11:54 AM
 
1,250 posts, read 822,554 times
Reputation: 390
Quote:
Originally Posted by nrgpill View Post
Forget the credit for a second - you are going to end up upside down unless you are willing to purchase in certain pockets of the metro area, and those pockets tend to be least affordable as well. Otherwise, renting first is a good recommendation.
What if he doesn't care about that and just wants a home?
Quick reply to this message
 
Old 05-20-2012, 12:05 PM
 
Location: 30328
425 posts, read 1,200,762 times
Reputation: 145
I can't speak for others making their own financial decisions. It is something I would not do but if buying floats the OP's desires, then by all means he should, his $ after all.



Quote:
Originally Posted by Onthemove2014 View Post
What if he doesn't care about that and just wants a home?
Quick reply to this message
 
Old 05-20-2012, 05:17 PM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
9,913 posts, read 14,635,288 times
Reputation: 2747
Quote:
Originally Posted by Onthemove2014 View Post
What if he doesn't care about that and just wants a home?
Sounds like he wants to leave the current situation in a hurry. Doing it in two steps is what many of us recommend when people move, anyway (rent and scout, then purchase) ... and purchasing in a hurry is a good way to end up in another bad situation.
Quick reply to this message
 
Old 05-22-2012, 12:28 PM
 
Location: Atlanta
736 posts, read 626,596 times
Reputation: 309
The home loan market is still really tight. Once upon a time, Wells Fargo was a fairly relaxed secondary lender, but since the recession, every single mortgage bank has tightened its lending criteria to avoid risk. No bank wants even the appearance of subprime or predatory lending to tarnish its already battered reputation.

You may want to go talk to a mortgage broker, who can give you info on required scores in general, and which banks are more or less lenient. They may be able to help you find an FHA loan. However, you may indeed be better off renting for a couple of years while you clean up your credit a bit. By that time, the market may have become a little less strict too. And if you rent, you'll be able to get out of your current situation in 30 days or less.
Quick reply to this message
 
Old 05-22-2012, 12:31 PM
 
Location: Marietta, GA
7,739 posts, read 10,018,914 times
Reputation: 3268
Quote:
Originally Posted by researchnerd View Post
No bank wants even the appearance of subprime or predatory lending to tarnish its already battered reputation.
I think it's less about reputation and more about doing what they should have been doing in the first place, and that's lending only to people who qualify and can pay back the money, for homes that correctly appraise with enough equity down.

Still not sure what "predatory lending" is and truthfully that term bugs me. It makes it sound as if some bank laid in wait, jumped you, and forced you to borrow money. If people are too lazy or stupid to find out what they are agreeing to, or if they understand and then agree to it, that's on the borrower, not the lender. The bank has to give you the "loan for dummies" truth in lending disclosure, and you can always walk away.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top