can i apply for a mortgage loan with a lien on my vehicle?
by Mortgage Rates on Monday, November 22nd, 2010 | 3 Comments
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Yes. I wouldnt see why you couldnt. I had CC debt and an auto loan and still got a mortgage to buy our home. I was told its easier to purchase a home then to get an auto loan or CC.
Banks want 10% down unless you have pristine credit.
check your credit reports online
annualcreditreport.com
I would get a score from one of the 3 agencies. Equifax seems the best. Print out your reports and review them carefully.
For best mortgage rates make sure credit card debt is 0, or make sure its not more than 30% of your available credit limits.
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It really depends on many things. What is your score — best place to get your score is MyFico.com. If your score is less than 660, forget it. Even at 660 you will need a large downpayment, and a really low debt to income. And you won’t get a good rate.
Mortage requirements are very strict now. They will want proof of income and work history.
If you have any derogatory items on your credit report, you will have to pay them off. Getting copies of your credit report and making sure they are all clean is a good place to start.