This is possible depending on your income, your down payment, current debt load. Did you have a consumer proposal or bankruptcy in the past? The only downside is your interest my be higher than what the banks are showing as their lowest rates.

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Basically this is a selfish question, because a friend of mine is moving out of state, and he wants to buy a home, and basically i dont want him to leave :( but on the other hand, if he does leave i do want to help him and be successful in getting his own home. he has no open lines of credit, everything on his report (almost everything) is a charge off or collection. i am a loan officer but i dont do mortgages. i just want a little info: could he get a mortgage at all? would he have to put money down? would he get a horrible interest rate? does his chances vary from state to state? any and all information would be helpful. thanks!

You can usually get a 100% mortgage with a 580 credit score. Anything less and you will need money down. Rate varies, but I would say around 8.5%. Not terrible, but it would 6% if he had good credit.

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My credit score is about 615. i am working on improving my score so that i can qualify for a mortgage loan with low financing in about a year or so. i currently have an auto loan, and 3 revolving credit accounts. (all bank credit cards) two of the revolving accounts are new, and the other almost a year old. my auto loan will be a year old in july of this year. should i apply for more credit to get my score higher? if so what type of credit? what is a good mixture of credit to have to get a person's score higher? any advice is appreciated. thanks!

Keep your payments up-to-date and you should be good. Don't get more credit. A score of 750+ is average for a good IR. Just keep showing the credit companies that you can be trusted to repay loans. Now is a good time to pull all three of your credit reports and analyze them. Correct any errors and make sure everything is correct.

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I am considering relocating, and wonder about all that i am hearing. i bought my current home 3% down 30 yr fixed @6.125 my credit score is 815. do those deals still exist for us "outstanding credit score" types?

sure do but you now need 3.5% down and be able to meet the debt to income ratios and you can sell your home and move any time you wish

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We've picked a beautiful area and a pre-construction house. on paper my credit score is top credit. my wife is well below what traditional mtg banks will work with. however, our combined income is more than enough to pay the mtg. the builder uses their own mtg company, and b/c i do not qualify on my own he suggested that we use an investor that is not as conservative as the traditional mtg company. my wife had to take care of her father and is rebuilding her credit with my help. from what i can see what's hurting her where late payments toward federal loans. she is now caught up. ( she is an er nurse) has anyone heard of this type of alternative funding? it makes me think about what got us in this recession in the first place. but again are dual income more than qualifies for the house. i have no debt cars all paid in full i can go on and on. ofcourse there are more factors but debt to income for both of us looks great. i can wait and have her score up by june, but we are looking to move by the end of the year.. that is if we get approved. any thoughts? yes we have looked into another bank and i do not qual for the amount by myself.

Have you even tried a couple of the banks in your area? It costs NOTHING to make an appointment and get pre-qualified for a mortgage loan. You might be surprised. They might put more weight on the higher wage earner - YOU. Have a 20% down payment - you will have absolutely no problems. Some late payments will probably be overlooked. 20% down will also avoid that nasty PMI which is like throwing thousands away a year - for nothing. ------ If you are married, banks will demand to see both your incomes and both your reports. You cannot get a loan in your own name if you are married - these are new federal rules. Not sure what bank you went to - surprised they didn't tell you this. Try a more honest and legitimate bank in your area. And go joint. Perhaps they thought you were trying to scam them and they did not want to do business with you. /

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I'm in canada and i'm looking at buying a house this year. i applied for a particular mortgage, unfortunately i got declined because i had a small (recent) debt in collections. the mortgage agent said that my credit was actually very good despite the one debt collections. she said that i qualify for another type of mortgage, but i want the other type of mortgage. so i paid off the collectors in a lump sum in january or february. the collector says this information will be posted on my credit within the next week. do you think i will be able to get this mortgage within the next month? this debt isn't due to a regular bill, it was last months rent after i moved. the property rental place didn't tell me that i had to pay it so it ended up in collections.

It will effect the score depending on the age of the collection and the proportion to your other balances will also be taken into account. Generally paying past due amounts and lowering balances on revolving and installment accounts will have a more positive impact. Though every credit profile is different and credit reporting agencies do not release the exact inner workings of the models used to calculate scores. If your loan was denied on the basis of score may or may not make the difference depends on your whole credit profile . If your loan was denied on the basis of the open collection it should make the difference. If you have any revolving accounts (Credit Cards) with balances above 30% or 50% of the limit you should be able to gain further immediate gains to your credit by dropping those balance to preferably below the 30% of the limit though if above 50% bringing those down below 50% will still help. Best of Luck, Hope you get your home soon!

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I have a couple of questions. first of all with the state of the economy and everything that has happened in the mortgage industry, what type of credit score do you have to have to qualify for a mortgage? is it possible to get a mortgage with flawed/bad credit history? my next question is that i have recently been unemployed for the last year. i have recently started working and had this job for the last 6 months and have managed to save a small amount of money ( that will be used as a down payment). prior to not having a job, i did work for the same company for 10 years and i did receive unemployment during my time of being laid off. will this count against me for qualifying for a mortgage now? my final question is that i am returning back to school. i will be taking out a school loan. will the fact that i have an open school loan (that will be current) hurt my chances of getting a mortgage?

You have a snow balls chance in hell of getting a loan for a house.

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Is it true that now a days people with almost any type of credit score can qualify for a home loan if they are able to afford it have little to no debt? i mean... very little debt! also, can you get a loan for 100% of the home price with no down?

ALMOST anyone can get a house, yes. people with scores below a 520 middle score have a very very hard time getting ANY loan, but it is still feasible for them to get a loan. not a great one but a loan anyways. little debt may likely mean very few tradelines which is something that lenders look for in your credit report. keep in mind no credit is just as bad as bad credit. either way you're a lending risk. Tradelines means a variety of different credit types in your possession. the "best" tradelines to have are generally 2-3 credit card, a mortgage, and an auto loan. this in addition to alternative credit like utilities, phone bills, cell phone and insurance can also help as well. generallym anyone with a middle score of about 650-680 can qualify for a 100% loan depending on the lender. anything lower than that will usually require a down payment of anywhere between 3-20% depending on how bad the credit is.

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We're just married in mar and want to be first time home buyers. we'll have twenty percent down payment for the mortgage. i have a lengthy credit with a score of seven twenty with allot of ups and downs and his is short and is six seventy. i have seven open and fully paid off credit cards, total about twenty grand. all my debt is paid off and he owes about six grand on a car. i have the opportunity as a disabled veteran at a va loan. which leads me to the questions... do we qualify for our mortgage wholly together or is it mostly one main person? for example, if my husband is the first name on the mortgage or will we be able to use the va loan. if my credit score is much higher at that time will i have to be the main name on the mortgage? is it better to to have less money down or to pay off his car? should we be trying to get him a credit card in his name to build that type of credit history, he only has credit ever open for his car and for the ring? should i close all but one credit card since i'm not using them? and is there any way you recommend to build our credit over the next year? thank you so much for any help, we are just really trying to get the hang of the house buying game.

motley fool always has really good financial information in plain english, easy to understand. I would do some searching on there about preparing your credit and the best way to apply for money with a partner. http://www.fool.com/personal-finance/index.aspx?source=ifltnvpnv0000001 Also check out this huge resource for everything about mortgages. http://www.findingdulcinea.com/guides/Finance/Mortgage.html?xa=1