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

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

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:43 | Post subject:

sherinestanly's picture
sherinestanly | Joined: July 8, 2009 02:44 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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...

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:43 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:43 | Post subject:

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

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:43 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for sharing your experience in the forums!! :)

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:43 | Post subject:

sabrinatoss's picture
sabrinatoss | Joined: January 16, 2011 09:00 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Work first on improving your credit scores. If you can no longer wait for that then try out a guarantor loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:43 | Post subject:

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