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I am looking to buy a home. My income 2008 is 28,000 . beside I am a single mom, and have a child support about $4,000, is it gonna be my income also? My credit score is 673. I have no credit debt or Installment loan to be payment. I m looking to a home about $140,000 and gonna put $30,000 down. Can I qualify for a loan ? I came to Chase a couple month ago. They didnot . Do I have to get preapproval before house search ? Loan broker is good for my case or The Bank which I Know less closing cost. FHA is Ok for me because I have a couple late payment in 2007 ? Thank you for your guy help ?
I am looking to buy a home. My income 2008 is 28,000 . beside I am a single mom, and have a child support about $4,000, is it gonna be my income also? My credit score is 673. I have no credit debt or Installment loan to be payment. I m looking to a home about $140,000 and gonna put $30,000 down. Can I qualify for a loan ? I came to Chase a couple month ago. They didnot . Do I have to get preapproval before house search ? Loan broker is good for my case or The Bank which I Know less closing cost. FHA is Ok for me because I have a couple late payment in 2007 ? Thank you for your guy help ?
With 30k down, it seems like you'd qualify for at least $100k without debt as you stated.
Not sure why Chase couldn't help you with a pre-approval if you have a 673. When you say you have no credit, does this mean that you have zero balances on all accounts?
Without seeing your full financial profile, it's hard to give you an accurate consultation.
If you have a good strong relationship with your local community bank, that is where I would start. a very nice down payment, with an ok score for someone they have a relationship with should be no problem. Can't speak for the national banks as I always work with community banks!
With 30k down, it seems like you'd qualify for at least $100k without debt as you stated.
Not sure why Chase couldn't help you with a pre-approval if you have a 673. When you say you have no credit, does this mean that you have zero balances on all accounts?
Without seeing your full financial profile, it's hard to give you an accurate consultation.
It will depend on a few more things. RE TAxes on the property, Home Insurance or Maintenance Charges(if it's a condo or coop). FHA would prob give you the best rate right now because of your credit score. Fannie Mae and Freddie Mac have large rate increase for credit scores below 680. But closing costs for FHA will be higher....but you can borrower more to pay for those costs. Try another lender or a mortgage broker(there are honest ones, despite pop opinion). A mortgage broker will try and search other lenders for you if one or two say no. Or they will tell you right away if it will be hard to get a loan for you from any lender. good luck
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