Would a credit score of 567 qualify for any type of mortgage?
Deal Score0
basically this is a selfish question, because a friend of mine is moving out of state, and he wants to buy a home, and basically I dont want him to leave
🙁
but on the other hand, if he does leave i do want to help him and be successful in getting his own home. He has no open lines of credit, everything on his report (almost everything) is a charge off or collection. I am a loan officer but i dont do mortgages. I just want a little info: could he get a mortgage at all? would he have to put money down? would he get a horrible interest rate? does his chances vary from state to state? any and all information would be helpful. Thanks!
You can usually get a 100% mortgage with a 580 credit score. Anything less and you will need money down. Rate varies, but I would say around 8.5%. Not terrible, but it would 6% if he had good credit.
The fact that he has no positive credit reporting is going to make it very difficult for him. He needs to establish some goiod credit to get the scores up and then he will qualify.
Here is some additional info. Hope this helps.
It would be tough. He would have to find a creative lender or pay through the nose.
Yes. There are tons of options. I write loans for people with scores as low as 500. The rate will depend on his debt ratios and down payment.
http://www.yesmortgage.com
He can check rates and get qualified on-line.