Should People With a 620 Credit Score and 3 percent down be able to buy a house? - AZBZ Forums
           
Arizona Bass Zone

   
December 6th, 2019     10:59 PM   

Home Forums List of Advertisers Tourny Schedule
Go Back   AZBZ Forums > General Forums > Current Events

Reply
 
Thread Tools Search this Thread
Old May 31st, 2016, 11:31 AM   #1
DaPompous
Member
 
Join Date: Dec 2013
Posts: 1,284
Should People With a 620 Credit Score and 3 percent down be able to buy a house?

Subprime mortgages are back via the government and Wells Fargo in a big way? Except this time there is a cap of over 400,000 dollars. So the middle class and poor market will only be affected. I got some cdos and mbs I would like to sell you. Any takers?
DaPompous is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old May 31st, 2016, 11:44 AM   #2
jbv
Member
 
Join Date: Jul 2005
Posts: 2,517
Quote:
Should People With a 620 Credit Score and 3 percent down be able to buy a house?
Only if they're not white and they have no proof of income....
jbv is offline   Reply With Quote
Old May 31st, 2016, 12:56 PM   #3
AzNative96
Member
 
Join Date: Jul 2014
Location: Iowa City, Iowa
Posts: 21
Wait! So I got my FICO up to 580, I have $5000 cash to put down and I still can't get the $600,000 house I've been looking at? That's BS!
__________________
If you're not the lead dog, the view is always the same.

Phil Bender
GySgt USMC
(retired)
AzNative96 is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old May 31st, 2016, 02:26 PM   #4
jbv
Member
 
Join Date: Jul 2005
Posts: 2,517
Don't worry...

Section 8 Housing; coming soon to Paradise Valley...

http://www.cnsnews.com/news/article/...timore-suburbs
jbv is offline   Reply With Quote
Old May 31st, 2016, 03:52 PM   #5
2Dogs
Member
 
Join Date: Aug 2003
Location: mesa
Posts: 2,406
Images: 1
Quote:
Originally Posted by DaPompous View Post
Subprime mortgages are back via the government and Wells Fargo in a big way? Except this time there is a cap of over 400,000 dollars. So the middle class and poor market will only be affected. I got some cdos and mbs I would like to sell you. Any takers?

It's pretty obvious you don't understand credit scores to ask a dumb question like that. There could be various reasons his score is in the low 600's but time one the job, debt to income, and previous mortgages have a lot to do with a house or auto loan. But if it's you that has the 620 score the answer is no, lives with girl friends parents, can't provide proof of income, and we could go on and on.
__________________
A Veteran is someone, who at one point in his or hers life wrote out a blank check made payable to "The UNITED STATES of AMERICA' for an amount up to and including his/her's LIFE. That is honor "Author Unkown"
2Dogs is offline   Reply With Quote
Old June 1st, 2016, 08:33 AM   #6
DaPompous
Member
 
Join Date: Dec 2013
Posts: 1,284
Quote:
Originally Posted by AzNative96 View Post
Wait! So I got my FICO up to 580, I have $5000 cash to put down and I still can't get the $600,000 house I've been looking at? That's BS!
580 is the minimum requirement for a fha loan. Wells Fargo wants a 620.
DaPompous is offline   Reply With Quote
Old June 1st, 2016, 08:39 AM   #7
DaPompous
Member
 
Join Date: Dec 2013
Posts: 1,284
Quote:
Originally Posted by 2Dogs View Post
It's pretty obvious you don't understand credit scores to ask a dumb question like that. There could be various reasons his score is in the low 600's but time one the job, debt to income, and previous mortgages have a lot to do with a house or auto loan. But if it's you that has the 620 score the answer is no, lives with girl friends parents, can't provide proof of income, and we could go on and on.
LOL, I have no debt nor is my credit score as low as 620. But thanks for playing.
A person with a credit score of 620 should have to put down at least 30 to 50 percent down. Subprime mortgages worked out so well last time, that you are ok with it happening again.
DaPompous is offline   Reply With Quote
Old June 1st, 2016, 10:31 AM   #8
StickBass
Member
 
Join Date: Oct 2007
Location: Power and McDowell
Posts: 2,172
Images: 3
Idk about houses but in secondary auto financing, 620 is gold balls.
StickBass is offline   Reply With Quote
Old June 1st, 2016, 11:28 AM   #9
2Dogs
Member
 
Join Date: Aug 2003
Location: mesa
Posts: 2,406
Images: 1
Quote:
Originally Posted by StickBass View Post
Idk about houses but in secondary auto financing, 620 is gold balls.
Laughing all the way to the bank at 23 to 28% interest rate. Miss one payment and the car gets yanked and then sell back to the buyer.:Ico nrotfl
__________________
A Veteran is someone, who at one point in his or hers life wrote out a blank check made payable to "The UNITED STATES of AMERICA' for an amount up to and including his/her's LIFE. That is honor "Author Unkown"
2Dogs is offline   Reply With Quote
Old June 1st, 2016, 11:41 AM   #10
2Dogs
Member
 
Join Date: Aug 2003
Location: mesa
Posts: 2,406
Images: 1
Quote:
Originally Posted by DaPompous View Post
LOL, I have no debt nor is my credit score as low as 620. But thanks for playing.
A person with a credit score of 620 should have to put down at least 30 to 50 percent down. Subprime mortgages worked out so well last time, that you are ok with it happening again.
Not interested in the subprime rate just answering ur question on whether some one with a 620 score should be able to buy a home. Ur score may be higher than 700 but with little credit history and No (emphasis added) income track record for being paid cash for mowing lawns ur chances of ever buying a home is slim to none. Hope ur girly friend has the job and credit so you won't have to be a renter for the next 20 years. Next time show the individuals credit history of 620 to make that determination. Too many variables involved when u ask a stupid questions like that. No wonder ur bud spiderbrains is in love with you........
__________________
A Veteran is someone, who at one point in his or hers life wrote out a blank check made payable to "The UNITED STATES of AMERICA' for an amount up to and including his/her's LIFE. That is honor "Author Unkown"
2Dogs is offline   Reply With Quote
Old June 2nd, 2016, 08:58 AM   #11
DaPompous
Member
 
Join Date: Dec 2013
Posts: 1,284
Quote:
Originally Posted by 2Dogs View Post
Laughing all the way to the bank at 23 to 28% interest rate. Miss one payment and the car gets yanked and then sell back to the buyer.:Ico nrotfl
There are lots of subprime auto loans with a record number of leases. The resale value will extremely suck in the future.
DaPompous is offline   Reply With Quote
Old June 2nd, 2016, 09:26 AM   #12
DaPompous
Member
 
Join Date: Dec 2013
Posts: 1,284
Quote:
Originally Posted by 2Dogs View Post
Not interested in the subprime rate just answering ur question on whether some one with a 620 score should be able to buy a home. Ur score may be higher than 700 but with little credit history and No (emphasis added) income track record for being paid cash for mowing lawns ur chances of ever buying a home is slim to none. Hope ur girly friend has the job and credit so you won't have to be a renter for the next 20 years. Next time show the individuals credit history of 620 to make that determination. Too many variables involved when u ask a stupid questions like that. No wonder ur bud spiderbrains is in love with you........
LOL, the answer should always be no. A person with a 620 Credit Score should never qualify especially with 3 percent down. U have to be a tard or a banking schill to try and justify otherwise. I know the subprime debacle worked out so well last time that you are trying to justify it now. I don't mow lawns for cash moron where did you come up with that nonsense. Yeah like Trump facts don't matter to you.
DaPompous is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -7. The time now is 10:59 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
Images, Logos, Trademarks are property of thier respective owners, All other content Copyright 2003 AZBassZone.com , All Rights Reserved.