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bad credit loan?

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elisaorlando Joined: 14 Sep 2009 Posts: 1 0.16 Dollars($)	Posted: Mon Sep 14, 2009 11:23 pm    Post subject: bad credit loan? Like 0 Dislike 0 Me and my wife both have low 500 fico scores? is there any hope?
Garysnober Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)	Posted: Mon Sep 14, 2009 11:25 pm    Post subject: Like 0 Dislike 0 Hi Elisa, With both you and you wife with such low scores there will be very little chance at a loan. There is a lot more information needed to see if you may qualify but even FHA loans do require at least 620 minimum fico scores. They will also look at work history, down payment, debt, bank statements, pay stubs.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Tue Sep 15, 2009 6:58 am    Post subject: Like 0 Dislike 0 there is always hope, but it may be delayed a bit. you'll need to correct whatever it is that has dragged down those scores, as well as re-establish some favorable credit references. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
JKennedySLG Community Expert Joined: 01 Apr 2009 Posts: 408 Location: New Jersey/New York 20.05 Dollars($)	Posted: Tue Sep 15, 2009 9:07 am    Post subject: Like 0 Dislike 0 Great post George!! Keep hope even if it takes a bit longer than expected. I hope this helps... _________________ James Kennedy New York/New Jersey (732)979-7409 Hard Money & Stated Income Loans First Time Home Buyers (540+ Credit)

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