Mortgage Question.....
Hello, it depends on the type of loan you are pursuing. A conventional loan will need a higher credit score, at least a 660 or 680 depending on the down payment you are using. An FHA loan is a bit more lenient on the credit score, 600 or so, but each lender doing FHA loans may put additional overlays (hurdles)...

We want to buy our first house, but our credit is ~600 and I am a full-time-parent. My wife works full time and makes ~$24,000 a year. We want to buy a foreclosure or a fixer-upper for $30,000 to $80,000 and sweat some equity, what are our options... if any? We live in Massachusetts. SOMEONE PLEASE HELP
In addition to the initial answer given, if you're looking for a fixer upper, make sure and ask about the 203k loan. It's a purchase loan that also gives you funds to fix up the property all in one loan. It's an FHA product. It's perfect for homes that need TLC.

Do you foresee rates going lower on 5-1 ARM or should we refi now?
Catching the lowest rate on a refi is similar to knowing when to sell your stock at the highest price. It's tough to time the market. As of yesterday with the positive economic news, long term interest rates (mortgages) spiked. Good news on Wall Street = bad news for mortgage rates and conversely...

clarification- 203k Streamline
Lenders put their own spin on the 203k loan, and this is your lender's spin. They can put overlays, additional rules, on the loan and roll it out to the public. You just have to find another lender who has the least amount of overlays. Don't challenge your lender, dump them. The lender will not...

Can I Qualify for a home without Paystubs?
Hello Ileana, your income unfortunately would not be able to be used, you would have to get two years worth of employment in your same line of work in order for your stubs to be used. Bank statement loans are hard to find these days but there may be a lender out there who may accept bank statements in lieu of a...