Can i get a home mortgage loan for about $50k, with a credit score of 650?

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I was wondering if i could get a home loan for about 50k? and what are my best options for getting this loan?

Here are my stats:
650 Credit score
Will be graduating from UC San Diego in December (but have no job lined up yet)
No student loans
Car paid off
No money in the bank

Could i get the loan by Early 2009? when would be the earliest i could qualify for this loan?

Thanks!
i live in CA and i will be working when i apply for the loan.

7 Comments
  1. Reply
    couchcashdotcom
    May 2, 2011 at 11:11 pm

    Probably not in today’s market. The lending institutions have all been hit with too many sub-prime borrowers and they are getting much stricter.

  2. Reply
    La De Da
    May 2, 2011 at 11:55 pm

    I’m not sure, it depends on where you live, etc. But if it makes you feel any better, when my credit score was under 600, I was approved for $ 60,000 with a small $ 2000 down payment. So maybe you are eligible.

  3. Reply
    SusieQ
    May 3, 2011 at 12:30 am

    It usually depends on the price of the house, but without a job (method of earning money to pay off the loan), you’re out of luck.

  4. Reply
    MCTW
    May 3, 2011 at 1:02 am

    I know from experience that you must have a job and it must be permanent, and been in that position for at least 6 to 12 months. If the loan is from a bank they like to see a savings history of at least 3 to 6 months. but with you owning a car you must have had a loan at some stage. in conclusion i would say Give it a go what have you got to loose, and in the long run you can then get the advice to the questions straight from the source. Good Luck

  5. Reply
    liz m
    May 3, 2011 at 1:20 am

    i got a house last year and believe me it was a little easier than now. but im sure the rules may be tougher now ..but they would like to see that you have a steady job preferably for last 12 months and it must not be seasonal or part time. you have to make enough money so that you can afford your mortgage and still live. you have to have a savings for a few months, they like to see that you save almost just as much as your mortgage payment monthly, that assures them that even if you lose your job you still have money to pay for several months after.
    good luck.

  6. Reply
    Shannon
    May 3, 2011 at 2:13 am

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender. The mortgage loans are generally structured as long-term loans, the periodic payments are calculated to the time value of money. The amount of time is decided on the structure of the local economy. The Mortgage loan can be divided in two broad categories, Fixed Rate Mortgage Loans, Adjustable Rate Mortgage Loans. Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

    http://www.worldbestloans.com/Mortgage%20Loan.htm

    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan. A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.An adjustable rate mortgage loan permits borrowers to lower their payments if they are willing to assume the risk of interest rate changes. To avoid this risk many mortgage originators either sell or securitize their mortgage, depending on their need.

  7. Reply
    Bue T
    May 3, 2011 at 3:01 am

    o matter how bad your credit history, with a bad credit home mortgage loan, you can easily borrow money to finance your house. This helps you to buy a home, redecorate your home or consolidate your loans. This type of loan reduces your total monthly payment because of lower interest charges and liabilities. As this loan gets tax relief, your tax liability reduces.

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    http://debt-trap.com/category/Information-on-Bad-Credit-Home-Mortgage-Loans.html

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