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can we get a mortgage with credit score 620

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Icon Mini Profile usersam528





Joined: 12 Jan 2009

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Post Posted: Thu Jan 29, 2009 10:39 am    Post subject: can we get a mortgage with credit score 620
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we want to buy manufactured home 108.000
we have payed down 15%
Icon Mini Profile adonis
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Post Posted: Thu Jan 29, 2009 11:55 pm    Post subject:
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Hi usersam,

Keeping in mind the market situation now, the lenders are giving loans to people who have a higher credit score. However, I would still suggest you to speak to the lenders of your area and check the terms and conditions they are offering you.

You can also speak to the lenders of this community and seek a no obligation free mortgage consultation to know about the type of rates and terms you may expect to get.

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Icon Mini Profile redoten





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Post Posted: Fri Jan 30, 2009 7:08 am    Post subject:
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Quote:
Keeping in mind the market situation now, the lenders are giving loans to people who have a higher credit score. However, I would still suggest you to speak to the lenders of your area and check the terms and conditions they are offering you.


Just A little Tips For u :
first step to find a good lender, Try Make a list of terms and personal requirements to find a good lender. Examples of information you may want to include: mortgage amount needed, interest rates, application fees, fixed or variable rates and closing costs.

[Link deleted as per forum rules. Thanks.]
Icon Mini Profile msnover92571
m.snover92571




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Post Posted: Tue Feb 10, 2009 12:37 pm    Post subject:
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Yes i am in the same situation, i have a credit score of just about 580 and am looking for a loan too. Any suggestions? I am looking for a loan of about 200k and i have about 50k as a down payment. Do u think i have a chance with my credit being low?
Icon Mini Profile adonis
adonis




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Post Posted: Sat Feb 14, 2009 1:15 am    Post subject:
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Your query has been answered in the given link:

http://www.mortgagefit.com/credit-rating/about17803.html#77366

Please take a look. I hope it will help you.

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Icon Mini Profile msnover92571
m.snover92571




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Post Posted: Sat Feb 14, 2009 1:16 am    Post subject:
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Yes thanks you very much adonis very good info thanks!!!
Icon Mini Profile mickbali123





Joined: 20 Oct 2009

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Post Posted: Tue Oct 27, 2009 6:48 am    Post subject:
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Hey mate.
Thanks for sharing this post, Well while searching on internet i found a website "carloan-badcredit.com" , Is it true that this website is good for maintaining our credit scores?

[External link deactivated as per forum rules. Thanks.]
Icon Mini Profile smithsussane
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Post Posted: Wed Oct 28, 2009 1:05 am    Post subject:
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Hi mickbali!

Welcome to forums!

Well, I do not know much about whether or not it is a good site for credit repair. You can improve your credit score by taking some simple steps yourself. You can check out the given page to know some steps to improve your credit score yourself:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Feel free to ask if you've further queries.

Sussane
Icon Mini Profile brownwalter09





Joined: 10 Aug 2009

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Post Posted: Wed Oct 28, 2009 8:52 am    Post subject:
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Hi mickbali,
pl go through discussion at
http://www.mortgagefit.com/know-how/about4803.html

They may be reliable but costly.
Icon Mini Profile gmakerley
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Post Posted: Thu Oct 29, 2009 8:53 am    Post subject:
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credit repair is best done by the individual whose credit needs repair - by him- or herself. casting your fate with some of these internet companies that pop up (gee, maybe i should start one and make millions of dollars) is very risky...paying someone else to do what you can do for yourself isn't a good idea. not only is it potentially very expensive, but you'll have no control over what takes place.
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Icon Mini Profile tfaulhaber





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Post Posted: Sat Oct 31, 2009 10:49 am    Post subject: 550 CREDIT SCORE/SUB 620
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Yes. My company can lend down to a 550 credit score on purchase transactions through our Portfolio FHA product. We CAN'T finance manufactured homes. You can call 1800 CALL FHA. They might be able to lead you in the right direction.
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Icon Mini Profile riseabove





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Post Posted: Wed Nov 11, 2009 6:37 pm    Post subject:
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550 seems pretty low - what additional conditions or terms do you impose, and what sort of rate could someone with a score like that expect to get?
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Icon Mini Profile cupplesjonathan71





Joined: 04 Nov 2009

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Post Posted: Wed Nov 11, 2009 8:38 pm    Post subject:
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loan with a credit score of 550 is a high risk loan. Definately they will charge higher interest rate. no doubt about it.
Icon Mini Profile raymond
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Post Posted: Sun Nov 29, 2009 10:08 am    Post subject:
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>>we want to buy manufactured home 108.000

Yes, you can use VA or FHA with a 620 FICO. With VA the Manufactured Home must be brand new, but it can be used with FHA.

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Icon Mini Profile raymond
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Post Posted: Sun Nov 29, 2009 10:11 am    Post subject:
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>>i have a credit score of just about 580 and am looking for a loan too

It's possible with 580, but yours is going to be a lot tougher. Expect to pay way higher fees, and a much much higher interest rate. If I were you, I'd concentrate on increasing the score first.

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