What are my chances of getting a mortgage

what are my chances of getting a mortgage

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Hi Lynn,

Depending on what is gong on with your credit you may want to go online and see if all informaiton on your three scores are correct and up to date.

If your not able to raise your score by paying off some debt or fixing issues with your credit there is private money or a potential lease option.

Private money typically is more concerned with equity and the ability to pay than your score.

IE the more you put down and the better your income the lower your rate.

The thing with private money is it is not meant to be a long term loan. It can get you in a home in an excellent buyers market. Generally the interest rates will be higher based on your down payment and an interest only loan for a period of three years or so.

Once the three years is up you can refi (hopefully) to an FHA loan if your paid every thing on time your score should raise to FHA limits.

Not a bad idea this can help you get in now and make sure you buy what you can afford to pay.

    April 25 2011

Source: www.zillow.com

Category: Credit

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