Posted on: 25th Sep, 2013 12:54 am
My credit score is very poor, below 450.Can I apply for a mortgage? Is the rate of interest going to be very high for me? Any help is appreciated.
You would not qualify for a traditional mortgage, but if you have 30-40% down payment, you could qualify for a private investor loan or "hard money" loan. Good luck
Hi chandanlinks!
Welcome to the forums!
I agree with what Chris has said. With such low credit scores, you will hardly qualify for any kind of loans. Even if you qualify, you will be liable for paying a very high interest rate.
You can check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with what Chris has said. With such low credit scores, you will hardly qualify for any kind of loans. Even if you qualify, you will be liable for paying a very high interest rate.
You can check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
