Posted on: 30th Jan, 2010 10:51 pm
I am a single mother of three children who is a working full time student. I have a very low credit score of 550. Please direct me to any lenders that will lend to me. I am interested in buying a mobile home new, or used. I needs to be a large one. I have 5% downpayment for a 60,000.00 loan. I have a very strong work history, and am a licensed professional. Is there anyone who will lend to me, or is there any programs for students in Alabama. I have family property that I can put the home on. It is in my family's name and I am currently paying for it privately.
Hi,
It's going to be really difficult for you get approved for a home loan with a credit score of 550. Conventional loans require you to have a credit score of around 700, while FHA requires a score of around 620. Unless you have good credit scores, no lender would want to offer you a home loan in this economy. Have you checked your credit scores? Are there any negative items or any wrong information on your credit report? Do you have too much of debt obligations at present? Are you current on your credit cards or other debts, if any?
It's going to be really difficult for you get approved for a home loan with a credit score of 550. Conventional loans require you to have a credit score of around 700, while FHA requires a score of around 620. Unless you have good credit scores, no lender would want to offer you a home loan in this economy. Have you checked your credit scores? Are there any negative items or any wrong information on your credit report? Do you have too much of debt obligations at present? Are you current on your credit cards or other debts, if any?