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 country_honey24
Joined: 21 Oct 2008
Posts: 2
2.02 Dollars($)
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 Posted: Tue Oct 21, 2008 7:22 pm Post subject: Is it posible to get a home loan with a credit score below 6 |
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| We are trying to purchase a new manufactured home in Ohio and we own the land with all the improvements already in place, but we are having trouble getting approved for a loan because of our credit score. Our scores range from 520-580 and we have a co-signer with a score between 580-620. Is this a possiblity or should we just give up hope? We deffinitly have the means to afford the home we just need the bank to give us a chance. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Tue Oct 21, 2008 9:20 pm Post subject: |
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Hi country_honey!
You can try for FHA loans which are given to people with a credit score of 580. Contact a FHA approved lender and check the plans and programs available. I think you will get a loan.
Thanks. |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Wed Oct 22, 2008 3:47 am Post subject: |
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Hi country_honey!
You can try for FHA loans as James have suggested. I think you will get FHA loans as they are available to people with a low credit score of 580.
Thanks.
_________________
Good is the Enemy of Great. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.58 Dollars($)
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| Posted: Wed Oct 22, 2008 6:13 am Post subject: RE: fha loan with 580 credit score |
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Hi country_honey,
Welcome to our forums.
You shouldn't give up hope if your credit score is close to 580. Moreover, you have a cosigner as well. So, I suggest that you try for FHA loans as such programs are offered at low scores. However, if you have been through late payments or unpaid collections in the past 1 year, then chances are nil. I hope your mobile home has a permanent foundation as because it's a necessity when it comes to getting a mortgage.
What I would suggest is, you have a talk with a few lenders and find out what they have to say. You may even seek no-obligation free mortgage quotes from our community lenders so that you'll come to know what rates you may qualify for.
Good luck and let us know what offers you're getting. Just feel free to discuss the offers with our community experts/lenders in our forums. 
_________________
Mortgage Shopping made easy with booklet |
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country_honey24
Joined: 21 Oct 2008
Posts: 2
2.02 Dollars($)
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| Posted: Wed Oct 22, 2008 10:49 am Post subject: reply |
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Thanks to everyone for the info and encouragement. I believe we are going to go ahead and see what we can do. I will keep you posted of our progress. Wish us luck and God Bless You All!
"The happiest people don't necessarily have the best of everything;
They just make the best of everything they have." |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Wed Oct 22, 2008 8:25 pm Post subject: |
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Hi country_honey!
You are always welcome and please do tell the forum members if you were able to get the home loan. Wish you all the best. Have a great day!
Sussane |
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