Where can I get a mortgage loan with a credit score under 500?

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I filed a chapter 7 bankruptcy. It has been discharged for 3 years. I have reestablish several lines of credit. I’ve had some identity theft and someone keeps trying to get credit in my name. I think just the number of inquiries that I have lowers my score tremendously.

9 Comments
  1. Reply
    ogrendle
    April 30, 2011 at 12:52 am

    The lowest score I ever saw financed was 511. The rate you will pay is astronomical. Work on raising your score first.

  2. Reply
    chicagodan1974
    April 30, 2011 at 1:41 am

    Almost nowhere. NOTICE I said ALMOST. You’ll be looking for a high interest “no doc” loan. Probably with a gift of equity from the current owner and a downpayment. You’ll have to do a TON of research on this… but you can make it happen.
    OR- you can buy a home on land contract: see the link http://en.wikipedia.org/wiki/Land_contract

  3. Reply
    umdenstock
    April 30, 2011 at 2:13 am

    fha loan – save your money

  4. Reply
    boopsie
    April 30, 2011 at 3:02 am

    from a crook!!!!!!

  5. Reply
    tabithap
    April 30, 2011 at 3:51 am

    Wow, good luck with that. There was an error on my report that drove my score to just under 600 and I was laughed at. Work to bring up that score, then try for a mortgage, or get someone with a better score to co-sign with you.

  6. Reply
    badabingbob
    April 30, 2011 at 4:11 am

    Maybe Guido down at the local pool hall. 500 is a terrible Fico score. I lost a house, and had a bankruptcy a few years ago, and never went below 630. Best thing to do is get a few ‘secured credit cards’, where your credit line is equal to your cash deposit. They will accept almost anyone if they are protected by a cash deposit, in the form of a savings account. Capital One is a good start. No one knows that your card is secured, and it is reported the same as any other credit obligation. Just make sure you never go over 30 days late. A few years later, all the stuff has dropped off my credit, and its up to 730.

  7. Reply
    puddy's lady100%
    April 30, 2011 at 4:43 am

    Try Accredit home 1 714 244 2459.See if they could hep you out. You never know.

  8. Reply
    reginachick22
    April 30, 2011 at 5:40 am

    BadaBing has good advice regarding the secure credit card to re-establish credit.

    You may be able to qualify for a government housing initiative program depending on your income and where you want to live. There is often “no down payment” or low interest loans offered to low income people who are willing to live in and fix up inner city properties.

    Your bank may also allow this *possibly* if you have been with them for a long time, and have a good steady income, despite the poor credit.

    Any other place willing to help you more than likely will rip you off and take advantage of you. They will charge you HIGH interest rates, which makes your situation worse if you need that extra money to build your credit. Sometimes you can find the odd mortgage broker who is willing to work with you until you are in a better position though.

    Aim to increase your credit score to a minimum of 650 to get a shot at a decent and viable rate.

    Pay all debts on time, and pay more than the minimum. Pick up an extra job if you have to. Your bank may allow one black mark on your credit if your income is high enough or you have a large down payment.

  9. Reply
    Bobbie
    April 30, 2011 at 5:51 am

    go on line and search ” mortgages with not such perfect credit”.It will take some work to get a home loan with that score.it is not impossible but it will effect your intrest rate on a home loan.

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