Can I get a mortgage with a very poor credit rating?

Deal Score0

Does anyone know of any lenders that will approve me for a home loan? My fico is in the low 500’s, my annual income is around $ 60k and we are looking in the $ 200-225k range for a home with around 5% down. We have a car payment, but other than that no credit card debt.

6 Comments
  1. Reply
    Faye H
    April 29, 2011 at 9:19 pm

    A score under 580 and you are not likely to find many lenders that are willing to give you a loan.

    You need to work on getting your score up. How did your score get this low with no credit card debt? You may need to get a secured credit card and use it but pay it off every month just to create some payment history, which will raise your score. Also, pay some extra payments on the car to get that debt down.

    720-850 – This represent the best score range

    700-719 – Able to obtain favorable financing terms

    675-699- This is still a decent score range

    620-674 – May have trouble obtaining favorable credit terms

    560-619 – May have trouble obtaining credit

    500-559 – Time to improve your score

  2. Reply
    smarttrader101
    April 29, 2011 at 9:59 pm

    You can get a home mortgage loan with a credit score as low as 500, but you will pay a higher interest rate and you may be required to put a bigger down payment.

    Your best bet is to see a mortgage broker, and not a bank. A mortgage broker will be able to get you a loan with a non conforming lender.

    Check out http://www.mortgageawareness.com for free information on bad credit home loans.

  3. Reply
    Clix
    April 29, 2011 at 10:32 pm

    I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

  4. Reply
    june e
    April 29, 2011 at 10:56 pm

    Being eligible for a new mortgage is a difficult task, especially if you do not know the impact of your credit report score on your prospects of getting a loan. The first things a lender considers is your credit report or FICO score that help in deciding your eligibility for a mortgage loan.

    It is a combined score that offers a quick overview of your overall responsibility rating while dealing with finances. It deals with the maintenance of repayment plans and your total debt to income ratio, job security etc. The better your credit report score, higher are your chances of being approved for the loan of your choice.
    There are various other aspects that a lender looks into before coming to the decision about your eligibility for a mortgage. One of them is job stability. Lenders are aware that people who stick to the same field of work, have a higher chance of remaining employed and hence have a better chance of repaying the debt. Hence even though you have switched jobs recently, but have managed to go on advancing in the same field or have just switched employers but have managed to remain in the same type of job, you can be easily approved for a mortgage. The only problem you can experience is if there are any negative reasons for switching jobs.

  5. Reply
    william
    April 29, 2011 at 11:52 pm

    I am Mr William Smith of Alan Loan Company.We goverment approved and certified lenders.Our company do offer loans ranging from personal to industrial loans to interested persons or companies who are seeking financial aid at a negotiable interest rates sometimes as low as 5%.Why should you die insilence when you have an opportuinity to clear your dept,start or boost your business with a loan from our company.so apply for a loan now.
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  6. Reply
    CALIFORNIA GOLD
    April 30, 2011 at 12:47 am

    I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.

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