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Originally posted by Team SOLO:
recommendation...pay off your credit card debt before going into a house (if u can). i paid off everything and anything so that my only bill would be my house. depending on how much you owe, you could easily raise your credit scores by paying off your crap now and get a better interest rate. i went from a 690 to a 750 in 30 days by paying of all my junk.

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Originally posted by Team SOLO:
recommendation...pay off your credit card debt before going into a house (if u can). i paid off everything and anything so that my only bill would be my house. depending on how much you owe, you could easily raise your credit scores by paying off your crap now and get a better interest rate. i went from a 690 to a 750 in 30 days by paying of all my junk.

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Originally posted by cobraracer46:
You definatly need to clean up your credit card debt and sell or pay off your vehicle before you even think about getting a home. Once you are debt free, burn all your credit cards and build up enough savings to cover 3 to 6 mounths of expenses in case somthing bad happens like getting laid off from work. Once you do all that, then you can start thinking about buying a home. One other thing, look into a lender that deos underwriting, meaning some one who is professional enough to look at the details of your life instead of some dumb monkey who simply gives you a loan based on some stupid credit score.

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Here we go again. ...a word of "advice" from our friendly neighborhood financial adviser.

There is NOTHING that says you can't have a credit card(s)to qualify for a home loan. In fact, lending institutions LIKE to see a track record of your credt history. DO NOT "burn" your credit cards; you have them, save them for an emergency or somethin'. If you suddenly lost your job(God forbid), they can't be taken away, but you won't be able to get credit without income. I would try and pay them down as much as possible, however, because having a lower income/debt ratio will qualify ya for a bit more. Having credit is GOOD. Keeping low balances on your accounts is even better because it shows responsible spending habits and only IMPROVES your score. With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt.

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2004 Terminator
Torch Red Vert
Built,Ported,Cammed,Juiced

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Originally posted by RixSikCobra:

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Originally posted by cobraracer46:
You definatly need to clean up your credit card debt and sell or pay off your vehicle before you even think about getting a home. Once you are debt free, burn all your credit cards and build up enough savings to cover 3 to 6 mounths of expenses in case somthing bad happens like getting laid off from work. Once you do all that, then you can start thinking about buying a home. One other thing, look into a lender that deos underwriting, meaning some one who is professional enough to look at the details of your life instead of some dumb monkey who simply gives you a loan based on some stupid credit score.

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Here we go again. ...a word of "advice" from our friendly neighborhood financial adviser.

There is NOTHING that says you can't have a credit card(s)to qualify for a home loan. In fact, lending institutions LIKE to see a track record of your credt history. DO NOT "burn" your credit cards; you have them, save them for an emergency or somethin'. If you suddenly lost your job(God forbid), they can't be taken away, but you won't be able to get credit without income. I would try and pay them down as much as possible, however, because having a lower income/debt ratio will qualify ya for a bit more. Having credit is GOOD. Keeping low balances on your accounts is even better because it shows responsible spending habits and only IMPROVES your score. With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt.

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Originally posted by RixSikCobra:
With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt.

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Originally posted by Avengeance:

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Originally posted by RixSikCobra:
With a credit score of 660-700, you're gonna qualify for a loan, no problem...even with your car/crdit card debt.

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Yeah but everyone is missing the important details here... down payment and loan amount. He could have a 800 score but his debt-to-income ratio mixed with loan amount may not mesh. Lenders arent dumb and wont close their eyes to these things. Lets use 350,000 with 100% loan, thats if theres no DP, at 5.625% (which seems to be the good rate right now) his mortgage would be over $2000/mo, and thats not including taxes/insurance/and possible assesments on the house.

Theres a lot more to the equation then just having a good credit score.

I actually feel really bad for people trying to buy their first homes in this market... its damn near impossible. I wish this dude good luck.

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Originally posted by racsirx:
I wish you luck, but dont worry, I bought my first house with no job, and I still dont have a job, you dont have to pay off your credits, just make sure you owe only half the balance, and your debt to income ratio is low, also see if your lender will let you use stated income, that sometimes helps, and interest only loans are not good for your first home, but work good for investment properties, like a second income like rental houses, also have about $5k-$10K in your checking account at all times until the loan is closed, also I would get a pre-approved loan before you go house shopping, because houses sell fast and sometimes you get out bidded or they sell before you can get the loan.

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amen

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"I like to be more politicaly correct than what I really believe so I can get more frinds here on CaFords"-Cummings "TIPICKLE"

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Originally posted by Mustang Mike:
Thanks for all the info guys. We went down to Countrywide Home Loans today to work up some numbers, and see if we even qualify with the debit and down payment we have. I will keep you all posted.

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Originally posted by racsirx:
I wish you luck, but dont worry, I bought my first house with no job, and I still dont have a job, you dont have to pay off your credits, just make sure you owe only half the balance, and your debt to income ratio is low, also see if your lender will let you use stated income, that sometimes helps, and interest only loans are not good for your first home, but work good for investment properties, like a second income like rental houses, also have about $5k-$10K in your checking account at all times until the loan is closed, also I would get a pre-approved loan before you go house shopping, because houses sell fast and sometimes you get out bidded or they sell before you can get the loan.

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you left out some key information like:

1. your wife is the bread winner
2. you make loot on buying/selling cars

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Originally posted by RixSikCobra:

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Here we go again. ...a word of "advice" from our friendly neighborhood financial adviser.

There is NOTHING that says you can't have a credit card(s)to qualify for a home loan. In fact, lending institutions LIKE to see a track record of your credt history. DO NOT "burn" your credit cards; you have them, save them for an emergency or somethin'. If you suddenly lost your job(God forbid), they can't be taken away, but you won't be able to get credit without income. I would try and pay them down as much as possible, however, because having a lower income/debt ratio will qualify ya for a bit more. Having credit is GOOD. [/QB][/QUOTE]
I'll say it again, burn your credit cards! Fuck debt! Yeah, banks and credit card compaines like consumers to have a credit card balance because that means they (the lending institiutions) are making money off you from the intrest you pay. For those of you who get a hard on over your high credit score, think about this: Your credit score is only based on how much debt you have and how you pay for debt. Your credit score is not based on how much money you have in savings, or the size of your net worth, so if you love debt, then you will have a high credit score. Not surprisingly, I don't give a shit about my credit score since I hate payments,debt and like a large bank account and investments instead of paying interest. Now, even though I can't stand debt, I'm okay with a home morgage because you would be paying rent anyway. Furthermore, if you have no debt and plenty of savings, then yes, you can think about buying a home. By the way, you do not need a credit score to qualify for a good morgage if the lender underights you. In other words, when a lending professional underights a loan and finds that you the home buyer have no debt at all,ble to put a good amount of money down and have a very stable job, then yes you will qualify for a good home loan. Having debt and paying interest on it every mounth just because every one else deos it is fuckin stupid.

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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.

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Originally posted by Team SOLO:
cobrafag46 is the same fucking tree hugging loanaphobic bike riding faggot that has yet to put a post worthy of reading on this site.

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As you like to say: Go eat a dick, Fag

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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.