Posted on: 30th Jan, 2006 12:17 pm
My credit score is very low, lower than 500 above 450. I want to get a home loan, and I have family that will cosighn. How much is the usual down payment and would I be able to get a loan on my own.
Hi DContr,
Welcome to MortgageFit Forums.
There are home loan programs with low scores but they may require large downpayment and may have high interest.
If your wife has a better score that may help to get better deal. You can get a loan yourself too.
Can you give your wife's score and some more information about your income, expense, debts if possible?
If you want we may forward your request to our customer care department to get in touch with you and suggest you the best possible offer as per your convenience.
As a friend I shall suggest you to give a little effort in improving your score so that you may never face any difficulty with financing.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
There are home loan programs with low scores but they may require large downpayment and may have high interest.
If your wife has a better score that may help to get better deal. You can get a loan yourself too.
Can you give your wife's score and some more information about your income, expense, debts if possible?
If you want we may forward your request to our customer care department to get in touch with you and suggest you the best possible offer as per your convenience.
As a friend I shall suggest you to give a little effort in improving your score so that you may never face any difficulty with financing.
God bless you.
For MortgageFit,
Samantha
I have serious doubt whether a mortgage is available with scores below 500.
Hi Garcia,
Yes there is possibility that you gat a mortgage with a score below 500 although not too many lenders available to offer such loans.
But some lenders do specialize in similar kind of mortgage programs. In such kinds of loans the lender may ask to produce extra documents like bank statements and W2s in support of your application.
Also, you may expect high interest rate.
James
Yes there is possibility that you gat a mortgage with a score below 500 although not too many lenders available to offer such loans.
But some lenders do specialize in similar kind of mortgage programs. In such kinds of loans the lender may ask to produce extra documents like bank statements and W2s in support of your application.
Also, you may expect high interest rate.
James
1)Yeah, you can get loan on your home but for that home should be
on your name by documentry. So that you can put your home to bank as
Mortage.
2) You can get home on your income, so tou need to show your income to bank.About amount of loan its depends upon how much is your income.
so you can contact with any agent and calculate how much you will get loan.
I hope you understand.
on your name by documentry. So that you can put your home to bank as
Mortage.
2) You can get home on your income, so tou need to show your income to bank.About amount of loan its depends upon how much is your income.
so you can contact with any agent and calculate how much you will get loan.
I hope you understand.
dilip, i would love to know where you garnered the expertise to proclaim that DContr24 will be successful in his efforts to acquire a loan to purchase a home.
as for understanding, i'm afraid most of what you posted is not going to be understood.
DContr24, you stand little chance, if any, in finding a lender who will work with your sub-500 score. tighten up quickly, have patience and work to boost your score right away; once you hit 600, work a little harder to get the score up some more, and you may be able to begin working with someone who can help.
as for understanding, i'm afraid most of what you posted is not going to be understood.
DContr24, you stand little chance, if any, in finding a lender who will work with your sub-500 score. tighten up quickly, have patience and work to boost your score right away; once you hit 600, work a little harder to get the score up some more, and you may be able to begin working with someone who can help.
