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Can you get financing for a home if you have been in a debt consolidation program for less than a year? |
Does anyone know if you can get financing for a home if you have been in a debt consolidation program for less than a year? depends -- on your credit score -- how much you are putting down (more the better) your job etc -- impossible to answer with info given!!! I think it depends on why you were in debt consolidation. If you just did it because it made sense then okay. If you did it as part of a court ordered package - maybe not okay. Really what counts for a mortgage, is your credit score, your income and your debts + potential debts (i.e. your credit limit on credit cards, for example). If you have a steady job with an income that will allow you to borrow the amount you need, then you will probably be okay. You may not get the best interest rate but at least you'd have your home. debt is debt - doesn;t matter if you're in a program or not - they will still look at the balances and the monthly payments and come up with a debt to income ratio - if you're outside their limits, then no loan - simple as that - and if you're in such a program, your credit score is probably less than ideal also, which could also deny you a loan or make it very expensive with a high interest rate and you'll need more downpayment money than a person with a higher credit score Hi, |
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