Posted on: 07th Jul, 2009 04:55 pm
I want to know if i can get a maorgage with a low becan score
It all depends upon how low your score is. Any idea?
Hi Guest,
Qualifying for a mortgage with poor credit score will be difficult in the current market. Lenders are now more strict than before when it comes to approving your loan. A minimum of 600 credit score is necessary to qualify for a loan now-a-days. A score of 620 would be much better, though. What are your credit scores?
Qualifying for a mortgage with poor credit score will be difficult in the current market. Lenders are now more strict than before when it comes to approving your loan. A minimum of 600 credit score is necessary to qualify for a loan now-a-days. A score of 620 would be much better, though. What are your credit scores?
There are some lenders out there that will go to 580 on an FHA loan with the right explaination..or RHS. BUT you will be paying for it in the rate.
The best is to evaluate your credit. Why is your score low. If it is low because you have trouble making your current payments, maybe home buying isn't the best option right now. If you default on a mortgage, that effects your credit for years and is very hard to come back from. If you had a temporary set back and are now on the right tract, it is something to consider.
There are ways to boost your score, that a credit repair specialist or a lender might be able to advise you of.
http://www.myfico.com/crediteducation/brochures.aspx
the following link may help you to understand your score a bit more and might provide you some helpful tools to get on the right track with your credit.
The best is to evaluate your credit. Why is your score low. If it is low because you have trouble making your current payments, maybe home buying isn't the best option right now. If you default on a mortgage, that effects your credit for years and is very hard to come back from. If you had a temporary set back and are now on the right tract, it is something to consider.
There are ways to boost your score, that a credit repair specialist or a lender might be able to advise you of.
http://www.myfico.com/crediteducation/brochures.aspx
the following link may help you to understand your score a bit more and might provide you some helpful tools to get on the right track with your credit.
I Can Help With Your Mortgage!
I would love to assist you. Email me back, and let's discuss!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
I would love to assist you. Email me back, and let's discuss!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
It all depends upon which type of loan you are applying.
Also credit score is important factor for mortgage.
As everyone suggested above will defenately help you.
Poor credit score will not help you.
Also credit score is important factor for mortgage.
As everyone suggested above will defenately help you.
Poor credit score will not help you.