bank loans

[Chrissy25 0]

well tody hubby and i have a bank appointment to see if we can get a loan for a house we have seen. I'm nervous as before hubby met me he made some bad financial choices and now as a result dosent have the greatest credit, my credit is better but i am still building it up...i'm so nervous...any input would be great as to the chances of us getting a loan with less than great credit

[✿Ice Rain✿ 0]

Hi,

I 'm with you..

Shape

[*julez* 124]

well tody hubby and i have a bank appointment to see if we can get a loan for a house we have seen. I'm nervous as before hubby met me he made some bad financial choices and now as a result dosent have the greatest credit, my credit is better but i am still building it up...i'm so nervous...any input would be great as to the chances of us getting a loan with less than great credit

If the bad credit occurred in the UK it is extremely unlikely that it will be found out by the US bank.

If you have little or no US credit, then having a larger downpayment is the most helpful thing to have. The more you can put down, the more personal equity you have in the house and are therefore less likely to default on the loan.

Banks are much more cautious in lending these days since the subprime mortgage fiasco which has resulted in numerous foreclosures.

Good luck!

[almaty 19]

prior to the mortage crisis, i ahd clients making mimium wage buying a better house than i own...now, $$ has tighten up..good lcuk

[Chrissy25 0]

well tody hubby and i have a bank appointment to see if we can get a loan for a house we have seen. I'm nervous as before hubby met me he made some bad financial choices and now as a result dosent have the greatest credit, my credit is better but i am still building it up...i'm so nervous...any input would be great as to the chances of us getting a loan with less than great credit

If the bad credit occurred in the UK it is extremely unlikely that it will be found out by the US bank.

If you have little or no US credit, then having a larger downpayment is the most helpful thing to have. The more you can put down, the more personal equity you have in the house and are therefore less likely to default on the loan.

Banks are much more cautious in lending these days since the subprime mortgage fiasco which has resulted in numerous foreclosures.

Good luck!

no the bad credit happened here, its my US hubbys bad credit. My credit has slowly been building up, its not terrible by any means....we got a car loan this time last yr when hubbys credit was even worse, since then we have paid over $6,000 worth of debt off, i just wonder if this will have a bearing at all.....

[Heracles 417]

Based on what you have said and the current mortgage crisis you will probably need at least 10% down. 20% would be ideal..

[*julez* 124]

well tody hubby and i have a bank appointment to see if we can get a loan for a house we have seen. I'm nervous as before hubby met me he made some bad financial choices and now as a result dosent have the greatest credit, my credit is better but i am still building it up...i'm so nervous...any input would be great as to the chances of us getting a loan with less than great credit

If the bad credit occurred in the UK it is extremely unlikely that it will be found out by the US bank.

If you have little or no US credit, then having a larger downpayment is the most helpful thing to have. The more you can put down, the more personal equity you have in the house and are therefore less likely to default on the loan.

Banks are much more cautious in lending these days since the subprime mortgage fiasco which has resulted in numerous foreclosures.

Good luck!

no the bad credit happened here, its my US hubbys bad credit. My credit has slowly been building up, its not terrible by any means....we got a car loan this time last yr when hubbys credit was even worse, since then we have paid over $6,000 worth of debt off, i just wonder if this will have a bearing at all.....

They will look at your credit scores, your debt-to-income ratio and how much your downpayment is. As boo-yah pointed out, given your set of circumstances, they will be looking for at minimum 10% down, but may want even more.

We're house buying now too and what I've told you is exactly what my mortgage rep told me.

[Chrissy25 0]

well tody hubby and i have a bank appointment to see if we can get a loan for a house we have seen. I'm nervous as before hubby met me he made some bad financial choices and now as a result dosent have the greatest credit, my credit is better but i am still building it up...i'm so nervous...any input would be great as to the chances of us getting a loan with less than great credit

If the bad credit occurred in the UK it is extremely unlikely that it will be found out by the US bank.

If you have little or no US credit, then having a larger downpayment is the most helpful thing to have. The more you can put down, the more personal equity you have in the house and are therefore less likely to default on the loan.

Banks are much more cautious in lending these days since the subprime mortgage fiasco which has resulted in numerous foreclosures.

Good luck!

no the bad credit happened here, its my US hubbys bad credit. My credit has slowly been building up, its not terrible by any means....we got a car loan this time last yr when hubbys credit was even worse, since then we have paid over $6,000 worth of debt off, i just wonder if this will have a bearing at all.....

They will look at your credit scores, your debt-to-income ratio and how much your downpayment is. As boo-yah pointed out, given your set of circumstances, they will be looking for at minimum 10% down, but may want even more.

We're house buying now too and what I've told you is exactly what my mortgage rep told me.

thanks so much for you input, at least now i have kind of an idea what to expect...

just out of intrest what numbers would you say class as an average credit score?

[almaty 19]

sister chrissy, i assume you and your sposue are 1st time home buyers? cause, you may be able to get a deal from some mortage companies

[Chrissy25 0]

sister chrissy, i assume you and your sposue are 1st time home buyers? cause, you may be able to get a deal from some mortage companies

as a couple brother Dean, we are first time buying together, hubby previously owned a house but his fellow housemates moved out so he had to sell up.

[tom&tata 2]

We are in the process of getting a mortgage ourselves.

We learnt a lot from reading the mortgage forum here. Not affiliated with anyone there, just found that the forum is helpful to see what are our options.

http://creditboards.com/forums/index.php?showforum=9

Edited April 14, 2008 by tom&tata

[Ban Hammer 12,841]

thanks so much for you input, at least now i have kind of an idea what to expect...

just out of intrest what numbers would you say class as an average credit score?

i'd put it in the ballpark of 5.5 to 6% for a 30 year.

[Tyrobe 1]

Know your credit scores before shopping for mortgages by pulling and fixing all the mistakes in your credit histories. When shopping for mortgages, I would recommend do it within a few days so your all the credit pullings only count as one. When that times come, give Bank of America's No Fee Mortgage Plus program a chance. There's no closing cost and even no PMI if you can't come up with 20% down payment. If you can find any other deal better than BoA and choose to close with it, BoA will handily give you $250. As a matter of fact, I just locked in at 5.5% with no closing cost for a 30-year fixed mortgage with BoA earlier this month for my new house closing on April 30th. Good luck!