Posted on: 18th Jan, 2007 08:12 am
Can anyone recomend a company that would lend to someone with a fico of 583 for a mortgage? I have applied for a few loans with companies on the internet that advertise\"bad credit friendly\" and then they turn us down or offer horrendous rates. If anyone has had good experience with a company I would be ever so grateful for a referral!!!Thank You!!!
Absolutely, depending on what state you are in I can get you 100% financing with a 583 score. email me at rymanley@gmail.com
Hi Rick,
I would recommend that you wait for a few more months, try to build up your score by making timely payment to all existing creditors. In a few months your score will start to improve, at that time you can approach lenders for a mortgage.
If other specifics such as your income are good and there is improvement in your score from what it is right now, you will be able to qualify for better rates.
Otherwise the rates offered right now will be higher than normal as 583 is not considered a very good score and lenders feel it to be a risk lending to someone having such low score.
Loan Advisor
I would recommend that you wait for a few more months, try to build up your score by making timely payment to all existing creditors. In a few months your score will start to improve, at that time you can approach lenders for a mortgage.
If other specifics such as your income are good and there is improvement in your score from what it is right now, you will be able to qualify for better rates.
Otherwise the rates offered right now will be higher than normal as 583 is not considered a very good score and lenders feel it to be a risk lending to someone having such low score.
Loan Advisor
The only problem with the pay and wait method is that I don't have any creditors to pay to bring my score up, that is why I am wondering if I should open a credit card account so I can pay on that to improve my score or would that just hurt me right now by lowering my score? My income keeps going up and I don't owe anybody anything, but my score stays pretty static.Thanks for the responses!!
Hi,
Yes maintaining a few credit card accounts properly will help to improve your score. If your score becomes a factor in getting a credit card then apply for such cards where you would most likely meet their specified requirements.
Some cards which are easier to obtain are like gas or department store credit cards, apply for such cards.
But also make sure that these creditors report your account's activity to the bureaus, as that is what you need. Purpose of getting such cards would be to help you establish your score.
Yes maintaining a few credit card accounts properly will help to improve your score. If your score becomes a factor in getting a credit card then apply for such cards where you would most likely meet their specified requirements.
Some cards which are easier to obtain are like gas or department store credit cards, apply for such cards.
But also make sure that these creditors report your account's activity to the bureaus, as that is what you need. Purpose of getting such cards would be to help you establish your score.
Welcome Rick.
There are plenty of lenders in the market both offline as well as online who offer home loans to those having bad credit. But it takes time to find out the right person.
I think you should shop for loan by approaching some more lenders to know about the offers, the rates and fees you are likely to qualify at your FICO score.
Shopping at lender's offices will give you the idea about the probable rates that are offered at your score. You can then compare the loan rates and payments, and decide upon the right lender.
As far as i remember, you have already qualified for an FHA loan but because of costs you have changed your mind. well, that's ok but then you have to continue your search for the best offer to come your way.
There are plenty of lenders in the market both offline as well as online who offer home loans to those having bad credit. But it takes time to find out the right person.
I think you should shop for loan by approaching some more lenders to know about the offers, the rates and fees you are likely to qualify at your FICO score.
Shopping at lender's offices will give you the idea about the probable rates that are offered at your score. You can then compare the loan rates and payments, and decide upon the right lender.
As far as i remember, you have already qualified for an FHA loan but because of costs you have changed your mind. well, that's ok but then you have to continue your search for the best offer to come your way.
Try a company by the name of OWNIT MORTGAGE SOLUTIONS, INC at 27349 AGOURA RD SUITE100 ,AGOURA HILLS, CA 91301. wE BOUGHT OUR HOME ON 2/28/2006 WITH 100% FINANCING THEY DID AN 80/20 WITH A 7% (80%) 11% (20) WITH fico SCORE OF 583. i DO NOT KNOW WHICH STATE YOU ARE IN BUT WE ARE IN FLORIDA.
That's great Mollie!
I was just wondering if it is really possible to get 100% financing at 583 score.
Good luck!
I was just wondering if it is really possible to get 100% financing at 583 score.
Good luck!
Hi Rickfeelyga,
Welcome to our forums.
We do have a community of lenders offering mortgage loans to people having high as well as low credit scores.
If you can give us some more information about the state where you reside and the type of property you have, then it will be easier for our community to locate such lenders for you. If you are interested, send us your Request for Free Consultation .
As soon as we receive your request, we shall forward your requirement to our community lenders and if it matches with the lenders' profiles they shall contact you asap.
Thanks and good luck!
Caron.
Welcome to our forums.
We do have a community of lenders offering mortgage loans to people having high as well as low credit scores.
If you can give us some more information about the state where you reside and the type of property you have, then it will be easier for our community to locate such lenders for you. If you are interested, send us your Request for Free Consultation .
As soon as we receive your request, we shall forward your requirement to our community lenders and if it matches with the lenders' profiles they shall contact you asap.
Thanks and good luck!
Caron.
Is it possible to get a mortgage loan in the State of Utah with a credit score of 500-520? If we have have a decent income?
with a 583 credit score and no money for down payment, you need to expect to pay a miserable interest rate. there's not much sense for a lender to invest itself in such a scenario without a return that's based on the risk being taken. there's a reason for the bad rates you've found on the internet from the "bad credit-friendly" lenders. they're willing to take a big risk in someone who hasn't demonstrated credit-worthiness, but they expect to be compensated for that risk.
