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bad credit loan

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andyth09 Joined: 21 Jul 2009 Posts: 17 0.00 Dollars($)	Posted: Thu Jul 23, 2009 12:08 pm    Post subject: bad credit loan Like 0 Dislike 0 With bad credit score of 540 will there be any type of loan I can obtain?
livinginnky Moderator Joined: 08 Sep 2007 Posts: 631 29.96 Dollars($)	Posted: Thu Jul 23, 2009 12:24 pm    Post subject: Like 0 Dislike 0 The best route to take in a situation like yours is to try and rebuild your credit. The minimum requirements for most lenders is 620 credit score... however what makes up your score is important also. You cannot have open judgements or tax liens. Renting is not a bad option in this market and if you do rent make sure you pay with a check every month. With FHA lenders you will need a minimum 620 score, 12 months of rent history, and 12 months on your job. Also if you are purchasing you will need to have 3.5% for down payment. Let me know if you have any questions Eric M. _________________ Eric Matthews Mortgage Refinance and Home Loan Guide
kbkevin2009 Joined: 28 Jul 2009 Posts: 68 17.69 Dollars($)	Posted: Tue Jul 28, 2009 2:57 am    Post subject: hii Like 0 Dislike 0 It will be very difficult for you to qualify for a loan with that credit score... you should work on improving your credit scores.... For FHA loans also, they require a minimum score of 620... Some lenders can approve you for the loan depending on other conditions but they will charge higher interest rates.... [External link deleted as per forum rules]

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