Getting a mortgage loan?

Deal Score0

I have a credit score of 600. My credit is horrible due to business failure and medical problems. 3 or 4 judgments. But my medical problems are solved and I have a really good job that I have had for over 2 years and make good money. What are my chances of getting a mortgage.

  1. Reply
    Jay S
    May 4, 2011 at 1:15 am

    I can’t see it happening until you get the score up. We weren’t doing ANY for those under a 620 and even those were rare.

  2. Reply
    May 4, 2011 at 1:35 am

    It is my understanding that some are still making sub prime loans, but you will likely pay a hefty price providing you can get a loan. My guess is that you will need to get your score above 650 before you can get a decent rate the way things are today. I would get those remaining judgments off if you haven’t already and that will help your score. Since you have a good job, you may try to work out a settlement with them. If you can save a good down payment that will help you to more easily qualify for a loan. I don’t know the current requirements for home loans, but I recall speaking with a loan broker several months ago who told me that they were getting people qualified with scores in the 500’s. I was surprised they could get someone qualified with those scores. With recent events that may have changed. I would think it will be more difficult to get a loan right now until things settle down a bit.

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