Posted on: 30th Apr, 2009 10:48 am
I am seperated and I have a 500 credit score and want to purchase a home for my own can I get a low income mortgage and from where?
Can I purchase a subprime mortgage?
Hi, Im not so sure you can get a mortgage with a score of 500. There maybe programs for you and i will look into that right now. You will not qualify for a conventional loan or a FHA loan.
Cynthia and Guest - are you the same person?
it looks like it.
a credit score of 500 will not qualify you for a mortgage these days. most recently, lenders are requiring a score of at least 620 to qualify for a loan. "buying" a subprime mortgage is not exactly what you mean, i am guessing. if you mean getting a subprime mortgage to buy a home, then i understand. fortunately for virtually all of us, the subprime market has pretty much disappeared. there are a few lenders who are out there taking large risks in subprime, but far fewer than before.
take your time, repair and re-establish your credit and get your scores up to acceptable levels, and then go shopping for a home.
it looks like it.
a credit score of 500 will not qualify you for a mortgage these days. most recently, lenders are requiring a score of at least 620 to qualify for a loan. "buying" a subprime mortgage is not exactly what you mean, i am guessing. if you mean getting a subprime mortgage to buy a home, then i understand. fortunately for virtually all of us, the subprime market has pretty much disappeared. there are a few lenders who are out there taking large risks in subprime, but far fewer than before.
take your time, repair and re-establish your credit and get your scores up to acceptable levels, and then go shopping for a home.
Sorry try to get your scores up and you can go from there
Hi
I agree to what others have said. Getting a loan with credit as low as 500 points will be near impossible. A minimum of 620 credit score is required to qualify for a loan these days. As far as the subprime mortgage industry is concerned, it has now become almost extinct. You ought to look for ways to build your credit in as short time as possible. With a 620+ credit, you can get a lot of good loan offers from lenders.
I agree to what others have said. Getting a loan with credit as low as 500 points will be near impossible. A minimum of 620 credit score is required to qualify for a loan these days. As far as the subprime mortgage industry is concerned, it has now become almost extinct. You ought to look for ways to build your credit in as short time as possible. With a 620+ credit, you can get a lot of good loan offers from lenders.
620+ will not get you "a lot of good loan offers from lenders" but will allow you to qualify for an fha loan, which will beat the daylights out of a conforming loan for pricing. conforming loans will become available at that level also, but you'll find yourself paying dearly for the score.