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I AM IN DESPERATE NEED OF A LOAN WITH 567 CREDIT SCORE

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.

tfaulhaber1's picture
tfaulhaber1 | Joined: December 17, 2009 12:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:26 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

You need to have a credit score of at least around 620 to get apporved for a home loan. With a credit score of 567, it is going to be very difficult for you to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] loan. If you have insufficient income, your co-signer can help you qualify for the loan. But he cannot help you if your credit is not good. You need to improve your credit in order to get approved for a loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:26 | Post subject:

bg0427's picture
bg0427 | Joined: January 27, 2010 06:57 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:26 | Post subject:

riseabove's picture
riseabove | Joined: November 9, 2009 12:58 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Assuming of course you can rectify the reasons for the low score in the first place.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:26 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:26 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:26 | Post subject:

sunil87020's picture
sunil87020 | Joined: May 4, 2009 09:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:26 | Post subject:

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