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Getting a mortgage with poor credite score

Posted on: 17th Jan, 2008 12:16 pm
Is it possible to get a mortgage with a crdit score in the very low 500's?
Hi Amyesler,

Welcome to the forum.

I think you can opt for FHA. This is not a score driven program. So you can try your luck.

Mortgage approval does not only depend on credit score. So I will like to know about LTV ratio. Have you ever late on your mortgage payments?

By the way why is your score so low now?

Best of luck,
Larry
Posted on: 17th Jan, 2008 12:22 pm
Posted on: 17th Jan, 2008 01:15 pm
FHA may not be 'credit score' driven but they are 'credit worthiness' driven.
If you have had recent credit lates in the last 12months then you will need to wait or have them fixed. Some FHA lenders may overlook this but depends on the situation.

Also, FHA doesnt look at a credit score but the mortgage lenders do.
Most FHA lenders dont lend to a borrower less than 580...some 550...and you will find a few that lend less than 540. Find a good broker who knows which lenders lend to lower score borrowers
Posted on: 17th Jan, 2008 09:35 pm
Welcome to the forum Amyesler,

As Banker and George noted, there are many other variables that would affect your ability to get a mortgage at this time. Seeking the guidance of a mortgage professional who can review you entire situation may be a good idea so you can get an answer based on the whole situation. You can find a lender by clicking on the lender tab above your by submitting a request for a mortgage quote.

You can also post more details here and we would be happy to give our opinions. Best of luck to you.
Posted on: 18th Jan, 2008 04:08 am
It might be possible depending on how much of a down payment that you have. Without knowing all of the details, I would say that you would need at least 20% down. This is just best case scenario. I don't know if you will qualify since I do not have all of the details.
Posted on: 19th Jan, 2008 07:28 pm
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