Posted on: 25th Jun, 2012 10:41 am
Hello is it possible to get a $40,000-50,000 mortgage with a score of 507? I will be able to put down 10%
FHA allows credit to 500, but finding a lender to lend with a credit score that low is going to be tough. Any collection must be paid and any disputed account must be resolved. If you can get 30-35% down, then you would be able to get a hard money or private party loan. Good luck
hello edselhealth,
if you take out a second mortgage on your home or use a line of credit, you can wipe out your assets if your business falters. other options such as credit card loans or tapping into personal savings are equally risky.
:idea:
if you take out a second mortgage on your home or use a line of credit, you can wipe out your assets if your business falters. other options such as credit card loans or tapping into personal savings are equally risky.
:idea:
Hi edselheath!
Welcome to forums!
The credit score of 507 is very low and most lenders won't be ready to offer you a loan with such a low score. I will suggest you to improve your score and then apply for a mortgage. You can check out the given page in order to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
BTW, I did not understand what you wanted to say Sabrina!!
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The credit score of 507 is very low and most lenders won't be ready to offer you a loan with such a low score. I will suggest you to improve your score and then apply for a mortgage. You can check out the given page in order to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
BTW, I did not understand what you wanted to say Sabrina!!
Feel free to ask if you've further queries.
Sussane
