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

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Icon Mini Profile RUSTYBTCH





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Post Posted: Tue Jul 07, 2009 4:14 pm    Post subject: FAIR CREDIT, WHERE DO I GO TO GET A LOAN?
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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?
Icon Mini Profile jenkin7
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Post Posted: Wed Jul 08, 2009 12:48 am    Post subject:
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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.
Icon Mini Profile sherinestanly





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Post Posted: Wed Jul 08, 2009 4:23 am    Post subject:
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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...
Icon Mini Profile eric1
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Post Posted: Wed Jul 08, 2009 5:22 am    Post subject:
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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.
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Post Posted: Tue Aug 09, 2011 1:48 pm    Post subject:
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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
Icon Mini Profile jameshogg
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Post Posted: Tue Aug 09, 2011 10:37 pm    Post subject:
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Thanks for sharing your experience in the forums!! Smile
Icon Mini Profile sabrinatoss
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Post Posted: Wed Aug 10, 2011 1:15 am    Post subject: hi RUSTYBTCH!
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Work first on improving your credit scores. If you can no longer wait for that then try out a guarantor loan.
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