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Now I heard yesterday directly from B of A that their min. credit score is now 680. It isn't getting any better for those with marginal credit.
Frankly, that's how it should be. With luck, it will get some people to take responsibility for their credit scores and get things resolved. At the very least, it will keep more of the higher-risk borrowers out of the pool of people the rest of us will eventually have to bail out yet again.
My score is in the high 700's. My wife's is in the mid 600's. When the time comes, should I just apply for the home loan in my name only? lol ... Can you do that?
Now I heard yesterday directly from B of A that their min. credit score is now 680. It isn't getting any better for those with marginal credit.
I just got off the phone with my lending agent from BOA because I had some questions about our loan, but I asked about the 680 score minimum. It wouldn't have affected us, but I know one of my brother's scores was below 700 so i was worried about his loan. She said that the 680 might be for a particular loan program, but not all programs have the same minimum score requirements. I THOUGHT my brother was doing an FHA loan, but she said that with his loan program, there IS no minimum score. I find that hard to believe. She said that a VA loan minimum score was 560, but if you read VA websites, VA doesn't require a minimum score, just that you've not had any late payments in the past 12 months. I guess each bank is different?
My score is in the high 700's. My wife's is in the mid 600's. When the time comes, should I just apply for the home loan in my name only? lol ... Can you do that?
I believe you CAN do that if you don't need her income to count for consideration of the loan. If you need her income, then she has to be on the loan.
I just applied for a home loan and was told they took the lower of the two (me and my wives) credit scores. If that is the case with your bank, I would just put the loan in your name. That is what I did.
Frankly, that's how it should be. With luck, it will get some people to take responsibility for their credit scores and get things resolved. At the very least, it will keep more of the higher-risk borrowers out of the pool of people the rest of us will eventually have to bail out yet again.
"FRANKLY" --god forbid you loose a job or get sick...i don`t wanna wish it upon you but if you do i bet you won`t be talkin like that...you can say whatever you want but you dont know anyone`s situation...my mother had a perfect credit score of 792 ...my father lost his job she had a stroke and after 2 months everything was on her ...some bills went into collection she cont payin the import things such as mortgage, elec,water,etc...now her credit score went down to 615...is she one of those people you`re bailing out>? NO! so just keep your smart-a** comments to yourself ...ppl here are just asking for info or help because they may be new to this whole process just like me and thank GOD Lenders look at your current credit situations ...so for most of you first time homebuyers with less then perfect credit....past credit issues are fine as long as you have current credit that is in perfect condition...everyone had some hardships in their life and ppl who are working hard on fixin those issues from the past shouldn`t be talked down on because of people who had perfect credit 2 years ago and took on mortgages of 300,000 without being able to afford it...so ZUGZUB ask yourself who is being bailed out...the people that have bad credit weren`t buying homes 2 yrs ago...
"FRANKLY" --god forbid you loose a job or get sick...i don`t wanna wish it upon you but if you do i bet you won`t be talkin like that...you can say whatever you want but you dont know anyone`s situation...my mother had a perfect credit score of 792 ...my father lost his job she had a stroke and after 2 months everything was on her ...some bills went into collection she cont payin the import things such as mortgage, elec,water,etc...now her credit score went down to 615...is she one of those people you`re bailing out>? NO! so just keep your smart-a** comments to yourself ...ppl here are just asking for info or help because they may be new to this whole process just like me and thank GOD Lenders look at your current credit situations ...so for most of you first time homebuyers with less then perfect credit....past credit issues are fine as long as you have current credit that is in perfect condition...everyone had some hardships in their life and ppl who are working hard on fixin those issues from the past shouldn`t be talked down on because of people who had perfect credit 2 years ago and took on mortgages of 300,000 without being able to afford it...so ZUGZUB ask yourself who is being bailed out...the people that have bad credit weren`t buying homes 2 yrs ago...
Thank you, Mirela, for saying what I've been thinking!!! There are people like us (or your mom) who have worked hard their entire lives and a bad luck situation comes along that really throws them for a loop. Getting back on your feet is tough, but there are a lot of people who WANT to do it on their own WITHOUT ANYONE BAILING THEM OUT! Why would we not be good candidates for home ownership? We already own one home that is rented in another state and are fine with that loan. We pay high rent where we are and always pay on time. It makes much more sense for us to pay less than rent into another mortgage. Thanks again, for speaking your mind!
Thank you, Mirela, for saying what I've been thinking!!! There are people like us (or your mom) who have worked hard their entire lives and a bad luck situation comes along that really throws them for a loop. Getting back on your feet is tough, but there are a lot of people who WANT to do it on their own WITHOUT ANYONE BAILING THEM OUT! Why would we not be good candidates for home ownership? We already own one home that is rented in another state and are fine with that loan. We pay high rent where we are and always pay on time. It makes much more sense for us to pay less than rent into another mortgage. Thanks again, for speaking your mind!
I`m just so sick and tired of people comming down on us...ok in my situation its a lil bit diff but i`m smart enough now wanting to fix my credit and work hard on keeping it clean///and whats so wrong with wanting to start over again...everywhere i posted about having bad credit there was gadzilllions people talking down on me...it makes no sense...makes me upset all i`m trying to do right now is stay on the right track and buy a home...and thank God Lenders always consider what your current credit looks like ...Good Luck to you...
...the people that have bad credit weren`t buying homes 2 yrs ago...
Quote:
Originally Posted by mirela26
I`m just so sick and tired of people comming down on us...ok in my situation its a lil bit diff but i`m smart enough now wanting to fix my credit and work hard on keeping it clean///and whats so wrong with wanting to start over again...everywhere i posted about having bad credit there was gadzilllions people talking down on me...it makes no sense...makes me upset all i`m trying to do right now is stay on the right track and buy a home...and thank God Lenders always consider what your current credit looks like ...Good Luck to you...
Mirela
two years ago, if one had a pulse they were approved for a loan. one of the factors that lead to where we are now. where have you been?
you lost all kinds of credibility when you started lashing out at those that were giving you sound advice--if not what you wanted to read/or as you took: talking down to--but sound advice nonetheless. again, i applaud you for pursuing the dream, but if you can't act civil on this forum, maybe you need to take your issues elsewhere.
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