Saturday, January 30th, 2010

home loan help tax credit and credit score?

tax credit score
bpb105 asked:


i have payed rent on time can i get home loan no good credit have 2 of my 3 scores 561 and 591 i filed bankruptcy 2008 cleared and have only auto payment and can i get the 8000 tax credit when do it end also i figured my return 4000.tax return any help for me my rent 600 per month want a hud loan any help

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This entry was posted on Saturday, January 30th, 2010 at 12:00 am and is filed under Credit Problems. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “home loan help tax credit and credit score?”

sassy25 Says:
February 2nd, 2010 at 3:17 am

You need a credit score of 750. Forget getting a home loan.
You cannot pay your rent you cannot afford a house

ibu guru Says:
February 4th, 2010 at 5:15 am

Your credit is in the toilet. You are lucky you can find a landlord willing to take you as a tenant with scores like those. Most reputable landlords require minimum credit scores of 650 to rent an apartment.

You need to save up 20% down payment, plus all closing costs, plus 3 – 6 months of cash reserves. You need to be at least 3 years past discharge of bankruptcy, and have at least 3 years’ track record on your job. The car loan and any collections or unpaid items on your credit report will have to be paid off in full. And you need a credit score of 700 or better. You cannot afford a house. Fix your credit and get your financial house in proper order, then consider whether you can really afford to buy a house. If you can only afford $600/mo rent, chances are you cannot really afford to buy any house anywhere.

acermill Says:
February 5th, 2010 at 8:06 am

You won’t qualify for any sort of mortgage until you get your scores above at least 650, minimum. As well, you have a fairly recent bankruptcy, and it is no more than two years past. That ALONE is going to prevent getting a mortgage. In order to get the first time homebuyer credit, you MUST have an intended purchase under a ‘no contingency’ contract by April 30 of this year, with a close in June.

Frankly, there’s no way you will be able to fix your credit in time to meet such a deadline.

Realtyyoudefine Says:
February 8th, 2010 at 3:44 pm

With that credit and a bankruptcy less than 2 years old you will not qualify for any loan, let alone a HUD (do you mean FHA?) loan.
To qualify for the first time home buyer’s tax credit you must have an accepted purchase offer by 4/30/10 and close and occupy by 6/30/10.

IF you could qualify for a mortgage you would need at least a 20% down payment and 6 months living expenses cushion in a bank.

Fix your credit and save your money then think about buy a home in a few years.

Madeline Says:
February 9th, 2010 at 6:11 am

The credit system is one that works well for banks and lenders as a way to prevent themselves from dishing out loans and not getting anything back in return. However it is not a system that is particularly fair to the customers and from their perspective it is poorly designed.

To get bad credit an individual will generally have fairly low funds in the first place. This will mean that they are late paying back loans, miss credit card payments, allow their cheques and debits to bounce or go below their overdraft. In cases where an individual is supporting a family or paying for a home but has insufficient funds, all of these things are fairly unavoidable.

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