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Under 500 credit 35% down low ltv pre-approval

 
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hunter



Joined: 22 Aug 2006
Posts: 5

PostPosted: Tue Aug 22, 2006 6:05 am    Post subject: Under 500 credit 35% down low ltv pre-approvalReply with quote
My wife and I are looking to downsize in the near future.

My credit score is under 500 with pretty bad credit ( foreclosure filled and then stopped)

What I am looking to do is to sell my home and then put 35% to 45% down on another home. My LTV would be under 30%. Is it possible to get a pre approvel so that we could pursue that. Also what kind of rate increase would we be looking at?

Thanks
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hunter



Joined: 22 Aug 2006
Posts: 5

PostPosted: Wed Aug 23, 2006 1:54 am    Post subject: Reply with quote
Sorry I mistyped. I meant that my Income/Debt Ratio would be 30% or under for the house and under 40% in total.
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Thu Aug 31, 2006 12:15 am    Post subject: Reply with quote
What state are you looking to purchase a home in? Are you employed? For how long?
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hunter



Joined: 22 Aug 2006
Posts: 5

PostPosted: Thu Aug 31, 2006 2:19 am    Post subject: Reply with quote
Wisconsin,

I am employed.

This company 8 months same field without interuption 10 years.
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Wed Sep 13, 2006 11:40 pm    Post subject: Reply with quote
What is going to be the home purchase price? Also what type of home?
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hunter



Joined: 22 Aug 2006
Posts: 5

PostPosted: Fri Sep 15, 2006 3:09 am    Post subject: Reply with quote
I am looking at a 110k-170K single family home.

New info, my scores were actually a little higher than I thought

539,519 and 518

I have been offered 11% with 40% down no Prepay on it and 1500 in closing costs. Is this decent with putting so much down?

Thanks
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Mon Sep 18, 2006 11:48 pm    Post subject: Reply with quote
That interest rate seems a bit high. You may want to shop around a bit more.
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hunter



Joined: 22 Aug 2006
Posts: 5

PostPosted: Tue Sep 19, 2006 1:17 am    Post subject: Reply with quote
Do you have any suggestions of where to look?
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The Mortgage-Pro
Site Admin


Joined: 19 Jan 2005
Posts: 2248

PostPosted: Wed Sep 27, 2006 12:03 am    Post subject: Reply with quote
Try to get a recommendation for a good local mortgage broker.
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