Posted on: 15th Dec, 2009 07:12 pm
I m looking into but a 1980 mobile home on 1.3 acres do you think i could get a loan for $25000 ....my score is 551
Hi evamclendon!
Welcome to forums!
With a credit score of 551, it would be difficult for you to qualify for a loan. If you are planning to take a FHA loan, you should have a credit score of at least 620. Moreover, you should not have much negative items in your credit report if you want to qualify for a loan. If you want a conventional loan, you would require a credit score of 700-720. I would suggest you to improve your credit score first and then look out for a loan. Check out the given page to know more about improving your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a credit score of 551, it would be difficult for you to qualify for a loan. If you are planning to take a FHA loan, you should have a credit score of at least 620. Moreover, you should not have much negative items in your credit report if you want to qualify for a loan. If you want a conventional loan, you would require a credit score of 700-720. I would suggest you to improve your credit score first and then look out for a loan. Check out the given page to know more about improving your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
>>do you think i could get a loan for $25000
No - not with that FICO score.
No - not with that FICO score.
