Posted on: 03rd Feb, 2010 05:15 am
I HAVE BEEN MAKING PAYMENTS ON A HOME THAT IS IN MY MOM'S NAME FOR 3 YEARS NOW. SHE HAS GOTTEN UP IN AGE AND NEEDS THE LOAN AND DEED TAKEN OUT OF HER NAME FOR SOCIAL SECURITY REASONS. MY CREDIT SCORE IS 567 NOT GREAT I KNOW BUT I HAVE A CO-SIGNER (MY DAD) FOR THE TRANSFER OF THE LOAN. WILL I BE ABLE TO GET THE LOAN TRANSFERRED TO ME WITH MY CREDIT SCORE AT 567 WITH A CO-SIGNER. THE LOAN IS THROUGH A LOCAL BANK.
Your local bank has a credit score requirement. Find out what it is and you'll have your answer. Most require a 620 credit score but, you'll find some that will lend down to 580.
Take a look at your credt report and try to verify what is causing you to such a low score. THrough a rapid rescore you could probably get over the 580 marker and qualify for a fha mortgage.
Assuming of course you can rectify the reasons for the low score in the first place.
I DESPERATELY NEED SOMEONE WHO CAN GIVE ME A HOME LOAN. MY TOP TWO SCORES ARE 606 AND 576. PLEASE CALL ME AT 773 8014873.
Hi ADRIAN!
Welcome to forums!
Your scores are quite low. In order to get a FHA loan, you would require a score of 620 whereas if you plan to get a conventional loan, then you would require a score of 700-720. I would suggest you to improve your score first and then look out for a home loan. Check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your scores are quite low. In order to get a FHA loan, you would require a score of 620 whereas if you plan to get a conventional loan, then you would require a score of 700-720. I would suggest you to improve your score first and then look out for a home loan. Check out the given page in order to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Most of people in community already suggested you for credit score to qualify will be 620.
It is possible to get mortgage loan below this credit score provided you have to search for it locally. Go through local news papers. contact local lenders with your requirement.
This will help you.
Best Luck
It is possible to get mortgage loan below this credit score provided you have to search for it locally. Go through local news papers. contact local lenders with your requirement.
This will help you.
Best Luck