Posted on: 16th Jul, 2009 08:24 pm
I am looking to buy a home valued at 265k. I make about 70k a year and have 5 percent to put down. My middle credit score is 575-580. It fluctuates. I am married but husband credit is terrible, no stable job history, and will not be on loan. Can anyone finance this loan? Please respond. All negative entries over 1 year old and have rent receipts for 12 months.
maybe he can, but most will not be able to help you. your low down payment combined with low credit score is definitely not in your favor. most lenders require a minimum score of 620.
If you have 20% down and get your score up around 620 it will really open alot of doors to get the loan you would like.
seeing the present market condition, lenders are avoiding to give mortgage to some one having credit score below 620
What state are you in? Here we can go 95% with a 580 score as long as you have trade lines reporting for 12-24 months min. depending on program. rent receipts have to be in form of money order or cancelled checks. Can't just be written receipt from landlord.
Senior Mortgage Banker
Senior Mortgage Banker