Debt Help Services

Question: Will I still be able to get a mortgage loan?

In July I was pre-approved for an FHA loan of 130K in Minnesota (which is more house than I need, I was looking mostly at homes around 115K). I decided to wait until this spring to pay off some credit card debt before buying. Now I’m worried that I won’t be able to get a loan. I’m in Moorhead Minnesota and the housing market hasn’t tanked here, my credit is not perfect but is above average. So how bad is it out there now and how bad will it get before April when my current lease is up.

Answer: If you have steady employment and you keep your credit up, you will still be able to qualify. Nobody knows what new things will happen between now and April, but that shouldn’t change. The one thing that seems to have changed with FHA loans is that they are requiring a little bit more down – I think 3.5% instead of 3% down payment. I don’t think that will jump too much more, if any, but you may want to start saving as much as you can now so that when April comes, you can put down a little more if necessary.

They are also changing laws regarding down payment assistance, so you may need to look a bit harder for those types of programs when the time comes, if you do need some assistance with closing costs and down payments.

Why a Smart Consumer Is a Bad Credit Card Customer

And how you can be punished for responsible behavior: In some cases, credit card issuers have rejected applicants who have credit scores that are too good (sometimes over 800). Why? Because these consumers typically pay bills in full and on time, they’re unlikely to make the credit card companies much money. In light of new [...]

Debt Consolidation can lower your monthly credit card debt payments

Related posts

• Credit Card Debt Bad
• Credit Card Debt Uk
• Credit Card Debt Suze Orman
• Credit Card Debt Sued
• Credit Card Debt Relief Nonprofit
• Credit Card Debt Outstanding
• Credit Card Debt Negotiation Tips