I need to purchase a home, my score is 500 but improving

msbattlingboop55 · Joined: 28 Nov 2008 Posts: 1 1.79 Dollars($)

i need a mortgage for 42,000.00 I found a house that was foreclosed on, the home value is 125,000.00. my score is 500, i have already hired alawyer to correct repeated errors on my report and items that were caused by 911,no work and got typhoid 2 weeks later unable to work for 4 years and credit that is not mine, 10 items have already been removed by me but the score did not change(why)thats when i decided to get the lawyer, i have good home and auto credit(i do not have the home ,however i was joint on the loan for 33 years it has been paid with 0 late for 33 years. I need this loan now or lose this home,the lawyer said he could get most removed, i can't wait a month

smithsussane · Posted: Fri Nov 28, 2008 11:02 pm Post subject:

Hi msbattlingboop!

Welcome to forums!

Keeping in mind the present market situation, it will be difficult for you to get a mortgage with a low credit score of 500. Even if you want to get a FHA loan, you will need a credit score of 580. So I think you should patiently wait for a month and let your credit score improve.

Feel free to ask if you have further queries.

Sussane

banker0679 · Posted: Sat Nov 29, 2008 12:57 pm Post subject:

Hi msbattlingboop..welcome to Mortgagefit!

Remember that FHA doesnt have a credit score requirement, but FHA lenders may impose a minimum score like Smithsussane has indicated.

I would try to work with a credit repair specialist before applying for a mortgage. In the meantime I would look to save at least 3% for the down payment.

With FHA you can't have any credit lates i nthe last 12months.
Make sure to clean up your credit file before applying.
Otherwise you'll just have a bunch of lenders pulling your score, and telling you no

Please tell us how things workout
thanks
Robert

Guest

I would like to know if I will qualify for a loan to purchase my home which will cost at least 235,000.00. While my credit score is 589 I am working on paying two of my credit cards and perty soon my debt for my current mortage loan will be paid off. will I still qualify for FHA if I am going through EMINENT DOMAIN (Property taken to be used for bulding school)

manoj_gopale · Joined: 16 Feb 2009 Posts: 481 0.49 Dollars($)

hi leticia ,

Its ok that your score is not that good but can you tell me that you had any past history of debt which is not paid on time??

Are you employed full time? Most of the lenders do go for the appraisal on the sole basis that the person should have at least 20 yrs of his service remaining.Nobody gives a fresh loan without mortgage to the person who is of 45 yrs old.

So age is also a main criterion while deciding the loan amount. Wink

gmakerley · Posted: Fri Apr 24, 2009 10:18 am Post subject:

leticia if the property you are interested in buying is being taken by eminent domain for the building of a school, why in the world would you want to purchase it? am i missing something?

as for the credit score, you might find a lender who can work with 580, but more likely they'll all want at least 600, and the predominant new number is 620 for fha financing, as well as for conventional.

manoj - what you describe in your post is blatantly discriminatory. there is no lender in the united states who would deny a loan to a person based on age. age is NOT a criterion in lending. please get your facts straight before you spout off.

eric1 · Posted: Fri Apr 24, 2009 6:57 pm Post subject:

That is simply umbelievable. Posts like that ruin Mortgage Fit. People are coming here for legitimate advice. When the see ridiculous posts then they will go elsewhere for mortgage solutions.

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