bad credit loan

The best route to take in a situation like yours is to try and rebuild your credit. The minimum requirements for most lenders is 620 credit score... however what makes up your score is important also. You cannot have open judgements or tax liens. Renting is not a bad option in this market and if you do rent make sure you pay with a check every month. With FHA lenders you will need a minimum 620 score, 12 months of rent history, and 12 months on your job. Also if you are purchasing you will need to have 3.5% for down payment.

Let me know if you have any questions

Eric M.

It will be very difficult for you to qualify for a loan with that credit score... you should work on improving your credit scores.... For FHA loans also, they require a minimum score of 620... Some lenders can approve you for the loan depending on other conditions but they will charge higher interest rates....

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There are loans out there for people with bad credit, but you will have extra hoops to jump through. You will likely end up paying more through both a higher down payment requirement and higher interest rate, but there are loans. Just make sure you get a credit check and make sure everything on your credit report is accurate. You may find that there are inaccuracies on your credit report that should be removed, which may help boost your score up to a good credit score range, making getting a loan a bit easier.