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I am no mortgage expert, but I am thinking you need to get your scores higher to beat that current rate. Can you give us more detail on what your reports contain so we can offer suggesstions on improving your score?
3ontheway wrote:My husband and I are expecting our 3rd child and want to move to a bigger home. The current mortgage is in his name and his score has taken a plunge from being unemployeed for about 6 mnths about 2 yrs ago. We also opened a business around the time the company closed and had put our savings into that. That being said my score I have been trying to improve and am around 575. Is it possible to go for a new home in my name, both names or what. Also I run the business and do not take an income yet. My h has been w/ the new company @1 1/2 yrs salary at 75K. We have just accumulated alot of debt from loans for business and falling behind in payments for him being unemployeed. He has owned home for @ 10 yrs. and until unemployment paid faithfully ontime every month. Current rate for mrtgage is killing us at about 8.5% Please help
3ontheway,
FHA, VA and naca.com are at least three ways one can get a loan without perfect scores. They look at DTI and with FHA you can have no lates in the last year.
Talk to a mortgage broker rather than a bank. More than likely, they can find you a better deal. PM me if you like and I can point you to one whom I know will help you.