Can I still get a mortgage of 550 credit score?

Deal Score0

Can I still have a mortgage of 550 credit score? Nobody knows where subprime lenders in business. I think it was my mortgage broker on my credit file by using the issue of new loans it also appears that the bankruptcy

  1. Reply
    Jose L
    April 30, 2011 at 11:55 pm

    not unless you come in with a huge down payment. 50%

  2. Reply
    May 1, 2011 at 12:44 am

    Not anymore… dont you watch the news? The days of risky credit lending are over. We were in the process of buying a home (our scores were in the high 500’s) and the company changed their policies a week before we expected to close!!!! If you have a large down payment or are looking to buy a with low payments versus your income you might have a slight chance. Too many people are foreclosing so they dont want to take that risk anymore.

  3. Reply
    fren c
    May 1, 2011 at 1:43 am

    i know of one company that mey still do them they financed a freind and her credit was 548
    she got financed without raising her score
    the lender will also refund the fee for raising your score if you finance thru them.
    I have heard alot about them recently and have heard nothing but good things if it is possible to finance you they will tell you.

  4. Reply
    Oswaldo H
    May 1, 2011 at 1:58 am

    I believe the answer you’re looking for can be found on this site. They’ve got lots of info about the subject.

  5. Reply
    May 1, 2011 at 2:04 am

    If you cannot document your income or otherwise need a subprime loan, yes you can get financing still, but only with a minimum of 10-20% cash down payment or equity. Wilmington finance, Aurora home loans and Liberty American are the only power hitters (as it were) still standing. You are also looking at rates starting at 9%.

    If your loan vs. value (aka LTV) is higher, and you can document your income you really have only one option.

    FHA or Federal housing administration loans will allow as little as 5% equity for a cash out refinance, and 3% for a no cash out refi. FHA can be combined with seller contributions to do 100% financing for a purchase money loan. They are forgiving with low credit scores but need high income vs. debt ratios.

    Another thing you should look into is raising your credit to at least 580 and looking into MyCommunity, which is a Fannie/Freddie based program that does no cash out refinance and purchase to 100% loan to value.

    Good luck….

  6. Reply
    May 1, 2011 at 2:38 am

    iam sure the answer you are looking for this you will get in below site

  7. Reply
    May 1, 2011 at 2:58 am

    I would highly suggest that you work on solving your credit problem 1st .. first off debts etc …save up and buy a home next year or two ..

    don’t worry the problem with the subprime will be affecting the real estate market for another 3 to four years

  8. Reply
    Great Scott
    May 1, 2011 at 3:52 am

    very doubtful without a massive down payment…and even then it will be hard.

    Leave a reply

    Register New Account
    Reset Password