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FAIR CREDIT, WHERE DO I GO TO GET A LOAN?

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RUSTYBTCH Joined: 07 Jul 2009 Posts: 1 1.36 Dollars($)	Posted: Tue Jul 07, 2009 4:14 pm    Post subject: FAIR CREDIT, WHERE DO I GO TO GET A LOAN? Like 0 Dislike 0 I HAVE A CREDIT SCORE OF 569 I WAS DENIED BY AMERICA MORTGAGE ,CAN I GO SOME WERE ELSE TO SEE IF I CAN GET APPROVE THOUGH SOMEONE ELSE? HERE DO I GO? EVEN TOUGH THEY HAVE ALREADY PULLED MY CREDIT REPORT?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Wed Jul 08, 2009 12:48 am    Post subject: Like 0 Dislike 0 Hi Rusty, With a credit score of 569, you will find it very difficult to qualify for a home loan. Lenders now require you to have at least a score of 600+ points to get approved for a loan. I doubt whether any lender would want to offer you a loan until you improve your credit. I think you should first work on your credit. Pay off your debts, remove the negative items from your credit report and pay your bills on time. Once you have a 600+ credit score, you can start applying for a mortgage.
sherinestanly Joined: 08 Jul 2009 Posts: 5 2.57 Dollars($)	Posted: Wed Jul 08, 2009 4:23 am    Post subject: Like 0 Dislike 0 Hey rusty, jenkin's right..... u need to improve ur scores.... 569 is low, 620 is the standard scores required now. y dont u get hold of a good lender, he can help u out in improving ur scores n thn u apply 4 Home mortgage loans... u get good rates n terms if u hav real good scores n it also secures u from any future financial pobs...
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.93 Dollars($)	Posted: Wed Jul 08, 2009 5:22 am    Post subject: Like 0 Dislike 0 There are some local banks that will work with a lower score if there are other compensating factors. Those factors would be high income and low LTV. For example, I work with a bank that does not use the scores as a deciding factor at all. However, they only lend in the northeast. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote
b Guest	Posted: Tue Aug 09, 2011 1:48 pm    Post subject: Like 0 Dislike 0 well it might be difficult but my husband and I got a loan with a 589 top score......all we had to do was have a reserve savings account with at least 6 months payments in it
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Aug 09, 2011 10:37 pm    Post subject: Like 0 Dislike 0 Thanks for sharing your experience in the forums!!
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 514 Location: Australia 82.40 Dollars($)	Posted: Wed Aug 10, 2011 1:15 am    Post subject: hi RUSTYBTCH! Like 0 Dislike 0 Work first on improving your credit scores. If you can no longer wait for that then try out a guarantor loan. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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