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Do I qualify for a new home?

We are in the market for a car and a house. I have good amount of saving but not much credit history as the only loan I had taken was 7 years ago for my car. I recently applied to be pre-approved but ING Direct denied me saying that I do not have any recent credit history and they didn't even look at my finances. (Just ran a credit check) Now my question is should I buy a car, get a loan for it and establish some credit history before applying for pre-approval again or should I just go for a house first? I have enough money saved to go for car and still pay 20% down on the house we are looking for but I am not sure if I will get the best rate as I was just denied pre-approval. by propanedave from Bigfoot, Texas. Oct 8th 2009 Reply


Anthony Hood (tony@equityinvestmentcapital.com)
#176 ranked lender in California - 1,141 contributions

well if you can give me some more information, i can help you with your question.1. what is the sales price of the property?2. what state and county is the property located?3. what is your total gross income, before taxes?4. what is your currne vehical payment?5. What are your current credit scores?You can also contact me at 888-935-2525 Ext. 4021Thank you, Anthony Hood

Oct 8th 2009
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Ellen Adams (EllenAdams)
#4 ranked lender in Oregon - 4 contributions

I agree, you need to apply for credit like a secured credit card. This is where you put up a specific amount of money & they give you a visa card against that exact amount of money, this is only until you establish some credit scores and can qualify. Orchard bank on line has this program and some credit Unions have this program, maybe you can check with a credit Union in your town.you relly need three trade lines, with at lest 12 months of history , but I have done loans for clients in less that time.I would like to hlep you, my web site is www.EnvoyEugene.com, make sure you choose Ellen Adams as your Loan Officer. , you can email me or make short loan application.Hope to hear frm youEllen Adams

Oct 8th 2009
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