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First time home buyer

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mrjonesnme



Joined: 19 Oct 2006
Posts: 2

PostPosted: Thu Oct 19, 2006 9:23 am    Post subject: First time home buyerReply with quote
Okay, so my wife and I are looking to buy our first house. My credit score is 560 from mistakes made a long time back. I have no recent 30 day lates (none within the last 8 months) NO 60 day lates. I have two car loans that show perfect payment history and perfect rental history. I make roughly 80k per year. We are looking to buy a house for 150k in Alaska. We have no money for the down payment. How possible is this for us? I have been on my job for more than two years.
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Sun Oct 22, 2006 10:21 pm    Post subject: Reply with quote
Mortgage lenders will require a middle credit score of 580 for 100% financing. You should be able to get your score to increase by 20 points easily.
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mrjonesnme



Joined: 19 Oct 2006
Posts: 2

PostPosted: Mon Oct 23, 2006 4:38 pm    Post subject: Reply with quote
how is that accomplished, beyond paying current credit cards off and continuing to pay on time?
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Wed Oct 25, 2006 11:28 pm    Post subject: Reply with quote
A big boost is paying your credit cards down to below 50% of there credit limits. You can also request that your credit limits be raised.
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