Mortgage Approval with low 500 credit score?

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My spouse and I have a combined income of 100k+ annually, ut both have horrible credit (in low 500’s) What are the possibilites of getting approved for a home loan? We can afford a mortgage on almost 300k home, but are scared of being denied for the loan itself.

6 Comments
  1. Reply
    pm
    February 11, 2011 at 9:12 pm

    If you’ve got a fat enough down payment you can finance anything.

  2. Reply
    sunshine_today
    February 11, 2011 at 9:45 pm

    well you should be scared because high income and lousy credit screams to a lender “We don’t know how to manage our money!”. You need to take a really objective look at your situation and get your credit on track. There is really no excuse for having lousy credit when you have such good income. Learn some basic tools for paying down debt and managing your money.

  3. Reply
    brad m
    February 11, 2011 at 9:52 pm

    Check out your options on numerous sites on the web. http://www.lendermagnet.com seems to be a decent resource, and can give you an idea at least.

  4. Reply
    achievablemortgages
    February 11, 2011 at 10:10 pm

    You’ll need to put down at least 30%, but you can get a hard money lender like Gibraltar or Yale to do the loan. The rates are high, and you’ll need to use a broker, but you can do it. Check with your local Mortgage Broker.

    Good luck.

  5. Reply
    mortgageguy
    February 11, 2011 at 10:14 pm

    You would probably need at least 20% down to qualify but if your score is in the 500 range, you’d be able to find someone to finance you.

    The main question would be how you paid your mortgages/rent in the past. If you were late on those payments, you’d have a more difficult time qualifying for the loan.

  6. Reply
    Michelle
    June 25, 2012 at 12:56 pm

    A loan with. Low score for a mortgage.

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