Posted on: 26th Sep, 2012 04:55 pm
In my city there are a lot of house that are reasonable i.e 3 br 2 ba for $49,000 I was wondering is there anyway a person with a score like mines could ever get finance for one of these homes. I have been on my job for almost 4 years and make a decent living my husband score is 550 still not good but we both wanna a house. So is there and where we can turn to.
With the lower credit, you would not be able to find conventional financing. You may find a private lender or hard money lender, as long as you can put 30-40% down.
Hi Rosalyn!
Welcome to forums!
With a 550 credit score, it won't be possible for you to qualify for any kind of loans. Nowadays, even FHA lenders will want you to have a score of around 600-620. As far as conventional loans are concerned, you need to have a score of around 700-720. Unless you meet this basic requirement, I don't think the lenders will consider you for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a 550 credit score, it won't be possible for you to qualify for any kind of loans. Nowadays, even FHA lenders will want you to have a score of around 600-620. As far as conventional loans are concerned, you need to have a score of around 700-720. Unless you meet this basic requirement, I don't think the lenders will consider you for a loan.
Feel free to ask if you've further queries.
Sussane
Hello Rosalyn,
If you want to repair your credit, you have to devote time and a little effort to acquire a copy of your credit report and check whether all the information written and factual.
:idea:
If you want to repair your credit, you have to devote time and a little effort to acquire a copy of your credit report and check whether all the information written and factual.
:idea:
Given your credit score, it would be difficult to get approved for a mortgage loan. However, you can seek a mortgage loan from non-institutional sources. Anyways, you must put in serious efforts to improve your score.
Non-institutional sources? What's that??
Institutional sources are the sources like the banks and other registered lenders. Non-institutional sources may be friends, relatives etc. who are not registered lenders.
A score of 475 will approve you of loans but expect higher interest rates. For info about how you can increase your credit scores check out: http://www.articlesbase.com/credit-articles/having-bad-credit-score-5-tips-to-increase-credit-score-6238490.html