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leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

What mortgage options are there for those with poor credit?

savior70 · Posted: Mon Oct 26, 2009 6:16 am Post subject:

Hi,

There are no loan options for those with poor credit. The minimum credit requirement is 620. There are some lenders who claim they offer loans to borrowers with credit score of around 570-580 or less. But they charge high rate of interest and fees.

gmakerley · Posted: Mon Oct 26, 2009 6:56 am Post subject:

this has been a topic that's been discussed countless times, lee. you add nothing to the mix with your query. please get real - stop acting like an expert on some discussions and a neophyte on others.

eric1 · Posted: Mon Oct 26, 2009 6:56 am Post subject:

Savior, based upon the second part of your answer....then there ARE options for borrowers with poor credit.

tfaulhaber · Joined: 14 Sep 2009 Posts: 9 2.38 Dollars($)

There are several lenders that will lend in the 500 range but, there must be compensating factors. Your best bet is to get a copy of your credit, find out what is causing your score to decrease, and resolve those problems. Most FHA lenders won't require you to settle Medical collections but, if it's affecting you scores; you might want to do so. Paying your bills and reducing the balances on your revolving credit will help as well. These are only some options of many. What caused you to have poor credit?

gmakerley · Posted: Mon Oct 26, 2009 6:30 pm Post subject:

ted, despite the crisis in the mortgage industry that was primarily caused by folk who couldn't pay their bills getting mortgages, it appears that folk who can't pay their bills are still convinced that they ought to be given first dibs at a mortgage to make a purchase now.

you brought a little sanity to this discussion - thanks. it's always a good idea for someone to fix credit rather than to obtain a high-rate mortgage loan that is only headed for default in a short while anyway.

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