Posted on: 09th May, 2009 09:45 am
already have a mortgage with perfect payment history need financing i have a 550 credit score with some collections
not gonna happen in this market, i am afraid. everyone wants 620 score at a minimum with a few minor exceptions that'll go to 600 at worst.
THERE ARE SOME THAT DO 560 AND UP TRY TO PAYOFF SOME COLLECTIONS AND GET THE SCORES UP
Hi foreclosure370,
Welcome to our forum.
550 Credit score is not sufficient. You must have 600+ Credit score.
Thanks & Regards.
Welcome to our forum.
550 Credit score is not sufficient. You must have 600+ Credit score.
Thanks & Regards.
Not true there are some that can do 560 and up
I am really confused some every guy says different - different credit score to get loan. Can any one give perfect answer to this question. I also want to know answer of foreclosure370's question.
Be aware.
Be aware.
Hi ok with that score it will be very hard as most are looking for 620+ im sure there are a few programs that will still do 560 i think your best bet is to try to fix your credit. Paying off your collections and paying down your debt getting late payments removed would be your best bet and really help you get a loan if you can get your score higher.
i don't know any lenders who are working with 550-560 scores, but it's not impossible for them to exist. will they offer 5% - 6% rates? i would be most skeptical of that.
but even the subprime entities around here are at 600 at a minimum.
but even the subprime entities around here are at 600 at a minimum.
HI yes it will be very hard your best bet will be atleast a 620 score. I have seen a couple get a mortgage with a 595 score but it was not a 5-6% loan. Im sure the interest rate is crazy. So in your best interest try to get your score to the 620 mark.
thanks everyone
Recently had a flier come across my desk where the lender was boasting FHA with 550+. We called and they pretty well said that they knew they were the only game in town and to not expect it very fast, expect to get stipped big time, and forget getting any kind of rate below 6.5.
It sounded like it would be much more trouble than worth, especially knowing that there is a very good chance that these will never close after many heartaches.
Best of luck!
It sounded like it would be much more trouble than worth, especially knowing that there is a very good chance that these will never close after many heartaches.
Best of luck!
thank you for sharing that nathan - i have been skeptical about all those claiming rock-bottom credit scores were viable anyway. clearly these are simply the new wave of sub-prime offerings.