Is there such a thing as home loans based on wages rather than your credit?

Is there such a thing as home loans based on wages rather than your credit? I do not have good credit because of some old bills. I am paying them off. My rent is never late. I make around $40, 000 a year depending on overtime. Where can I go for this type of loan?

Responses:

there are government programs. FHA, FMHA, WHEDA, VA, HUD, etc. some may not be available in your area and it takes a long time. i bought a house in 88 with an fmha loan. very little credit history and no down payment. payments were based on wages on a yearly basis. interest was subsidized. be aware that when fmha decided i made enough and could get a conventional loan i had to refinance with a mortgage at a bank and i had to pay 10k in back interest to fmha
Take a couple years to clean up your credit and start saving up for downpayment and closing costs. Mortgage lenders will look at your credit history, stable work history, income, other ets, debt to income ratio, and other things
things change daily. in the past they would ask for more down payment and pay a higher interest rate. but nowadays if you have been working at the same place for more than 2 years, and have at least 20% down they may look at you. your best bet is ask a mortgage broker but before they run your credit. It would help if you know your credit score already. also bear in mind that each time your credit is run it will lower your score, so that is why i say ask before they run it. also ask for a copy of your credit report from them when they do run it. it is good for 3 months. good luck. we are in the process of buying a house and we are self employed. it is very hard. we show low income. and we have an 800 score. he said we would have a better chance if we had a minimum paying job we have to have all our credit paid off showing zero. also they told me to close my credit cards. i refused. that action will lower your credit score drastically. so now we wait. they are making us jump through hoops. we had a house mortgage of 700, 000 and never a day late. sold the house and now we are trying to get a 100, 000 loan with 60, 000 down. we just find it a joke the crap they are telling us because we are self employed. so good luck and ask
Nowhere, there is no such loan. Loan approvals are based on a variety of information like, they will review your finances, such as income, job history, credit history and other credit factors
$40k would not get you much of a house anyway. I suppose that depends on where you live a little though. Making money is no reflection on the likely hood of it being repaid

Tags: pay, programs, costs, yearly, run

Follow this dicussion..

Related Images:

Knowledge Base

Anyone interested in filing a cl action lawsuit Countrywide home loans unfair lending

did countrywide home loans acquire your home mortgage, then aggressively pursue foreclosure proceedings against your property forcing you to refinance or sign an unfair loan. i thought there was a cl action against countrywide going on. i did a search and found a bunch of attorneys suing countrywide. check out (real estate funds)

stock investment?

do not know anything about it, but if anyone can let me know in detail how to go about it id appreciate it. is it a good money investment or not?. i recommend reading a book called "fooled by randomness" before trying this out. stocks are very good as a (home loans)

who trust to teach real estate investing?

read the millionaire real estate investor by gary keller. it has valuable information. i heard rich dad, poor dad was also a good book. read the millionaire real estate investor by gary keller. it has valuable information. i heard rich dad, poor dad was also a good book. take a (investment services)

Related Images:

Knowledge Base: Home Purchase

It is a buyer's market - I understand that. Home equity loans, how do they work?

if i purchase a home for $300, 000, but it is appraised for $350, 000, will i have automatic built - in equity that i can use to consolidate $12, 000 in school loans and credit card debt? or, will i still have to pay down some of the p&i (home refinance)

Home Refinance?

if you have a derogatory account on your credit report, will a mortgage company require you to pay it before allowing a refinancing loan? i have a decent credit score. not that i know of. it depends. judgments generally must be paid off, unless you're on a repayment plan. collections, (home equity line of credit)

home refinance?

bankrate.com is a good place to start and fine out what is out there. two key things, do not pay any upfront points and get a fixed rate on the loan. also, check your credit rating first, if there are problems there, no way you will get a loan. good (home equity line of credit)

What happens to your home mortgage when you die?

is it possible for a home mortgage to dissolved upon the home owner or borrowers death? i figured the estate or family is responsible but what if the home has no next of kin or goes to the state or something. question has come up a few times in conversation. (home mortgage)

Should I include my student loans in a home refinance?

we are about to refinance our home at 3. 85% for a 15 - year loan. we have 40k of student loans at 5. 75%. including this amount in our mortgage will not get us to the point where we will have to pay pmi. is this a good idea? (home purchase)

Related Images:

Knowledge Base: Home Loans

How are home loans priced where you live?

in your country, do you get home loans at a fixed rate for say 15 years? do you have to pay a large penalty for pre - paying? if the loan is at a floating rate, what is it pegged to? do loan rates vary according to individual credit profiles?. (home loans)

Why do people do home loans so mad shop around?

i have heard a friend of mine go completely nuts every time her customers shop around for home loans. what do these lender expect someone to just trust them when they say (home loans)

Anyone interested in filing a cl action lawsuit Countrywide home loans unfair lending

Why is it the norm for us all to live out of our means?

some people have credit cards to buy things they know they do not have the money for, uming they can pay it later. its one thing to take out car loans, home loans, student loans. i try my very, very hardest to always live way below my means. in fact! (home loans)

Is there such a thing as home loans based on wages rather than your credit?

is there such a thing as home loans based on wages rather than your credit? i do not have good credit because of some old bills. i am paying them off. my rent is never late. i make around $40, 000 a year depending on overtime. where can i go (home loans)