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Basically it is this. First please hear me, there are people that just have had some hard breaks and can't buy now. I fully respect many of these people and honestly know that it could as well as been me instead of them. I know of a school teacher who transferred into town right at the peak of the housing market and bought a home. She didn't do anything wrong at all. Then the market dropped and she is paying for a 500,000 dollar home that is worth about 225,000. This kind of stuff happened in the market drop. I understand and my heart goes out to you. It is what it is.
These are things that will disqualify you for getting a loan that will enable you to buy.
Recent Bankruptcy
Recent foreclosure
No Job
This can change but the credit denial line for a home loan is currently a 620 Fico score as a low.
Note for married couples one spouses bad credit does not disqualify the spouse. You may be able to purchase a home with the one spouses good record.
Mind you I said "recent" as qualifiers because credit agencies consider how long ago they occurred. They age. With time and good credit they will have less effect. Credit history for the most part is a 7 year record. Most everything is gone after seven years.
For a better understanding of these issues read this booklet. http://www.myfico.com/downloads/files/myfico_uyfs_booklet.pdf
1-19-11 |