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Guest
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 Posted: Tue Jul 07, 2009 4:55 pm Post subject: can i get a morgage with poor credit |
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| I want to know if i can get a maorgage with a low becan score |
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 eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.98 Dollars($)
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jenkin7
Joined: 04 Jun 2007
Posts: 4330
Location: Hawaii
685.41 Dollars($)
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| Posted: Wed Jul 08, 2009 12:38 am Post subject: |
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Hi Guest,
Qualifying for a mortgage with poor credit score will be difficult in the current market. Lenders are now more strict than before when it comes to approving your loan. A minimum of 600 credit score is necessary to qualify for a loan now-a-days. A score of 620 would be much better, though. What are your credit scores? |
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elnoralittle
Community Experts
Joined: 01 Oct 2008
Posts: 281
Location: Maryland
25.26 Dollars($)
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| Posted: Wed Jul 08, 2009 5:26 am Post subject: |
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There are some lenders out there that will go to 580 on an FHA loan with the right explaination..or RHS. BUT you will be paying for it in the rate.
The best is to evaluate your credit. Why is your score low. If it is low because you have trouble making your current payments, maybe home buying isn't the best option right now. If you default on a mortgage, that effects your credit for years and is very hard to come back from. If you had a temporary set back and are now on the right tract, it is something to consider.
There are ways to boost your score, that a credit repair specialist or a lender might be able to advise you of.
http://www.myfico.com/crediteducation/brochures.aspx
the following link may help you to understand your score a bit more and might provide you some helpful tools to get on the right track with your credit.
_________________
Elnora Little
First Home Mortgage
First in Customer Service!
301-437-5605 |
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Mortgage_Man_X
Guest
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| Posted: Wed Jul 08, 2009 6:22 am Post subject: I Can Help With Your Mortgage! |
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I Can Help With Your Mortgage!
I would love to assist you. Email me back, and let's discuss!
MSmith@PrecisionFundingUSA.com
M
I am on line now! |
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annyb27
Joined: 07 Jul 2009
Posts: 142
0.00 Dollars($)
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| Posted: Wed Jul 08, 2009 9:03 am Post subject: |
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It all depends upon which type of loan you are applying.
Also credit score is important factor for mortgage.
As everyone suggested above will defenately help you.
Poor credit score will not help you. |
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