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schwarzscott · Joined: 17 Feb 2009 Posts: 1 1.90 Dollars($)

me and my wife would like to get a loan to buy our own home we are paying 675 per month for rent and have nothing to show for it. our credit scores are 514 and 524 are there mortgage companies out there that will loan us money and which ones.

jameshogg · Posted: Tue Feb 17, 2009 10:11 pm Post subject:

Hi schwarzscott,

Keeping in mind the present market situation, lenders will not offer you loan with such a low credit score. If you are planning to get a FHA loan, you should have a credit score of at least 580. For conventional loans, you would require a credit score of around 680. In my opinion, you should first try and improve your credit score and then look out for a loan. To know more about improving credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks

gmakerley · Posted: Wed Feb 18, 2009 8:15 am Post subject:

most definitely schwarzscott, you need to get your credit scores up to 580 or higher. if you haven't already reviewed your credit report, do so now - take a look at who you owe, how much you owe, and repay everyone as quickly as you can. if you negotiate with creditors, you often can repay a debt for much less than what you actually owe. this will then show up as satisfied on a credit report, which is a satisfactory solution. it will assist you in bumping those scores.

be patient, but recognize that this will probably take you the better part of a year, or possibly more; depending on the depth of debt you have.

Guest

You can get a loan, but it would be investor based. You would have to have around 20% down and would be paying a min of 10%

gmakerley · Posted: Wed Feb 25, 2009 11:04 am Post subject:

also known as sub-prime...yes, these loans still exist. if you want to be foreclosed on within a year or two, go ahead and move forward. if, on the other hand, you want to be a responsible buyer/owner/borrower, go ahead and fix the credit; get the scores up and try when they've reached an acceptable level.

Brian_kelley_ · Joined: 17 Feb 2009 Posts: 9 5.16 Dollars($)

Why would they be foreclosed on?
Get into the house, stop waisting money on rent, make your payments, pay a little higher intrest, fix your credit, refinance in two years.
Hopefully the property as increased in value in two years.

gmakerley · Posted: Wed Feb 25, 2009 1:41 pm Post subject:

brian, that "refinance in two years" was the rallying cry around the 2/28 loans. and what happened? well, look where we are now.

as to why they would be foreclosed on...i'm not claiming that for anyone, nor trying to intimate that they won't be able to handle their payments, but (but) they're talking about a sub-prime - maybe hard money - loan, and that loan isn't going to be at an affordable interest rate...things are not exactly spiffy in this economy these days...just speculation as to what could happen.

i am not a believer in the theory that just getting your toe in will benefit a borrower, especially with what has taken place throughout america in the last couple of years.

msnover92571 · Posted: Sat Feb 28, 2009 6:37 pm Post subject:

Yes please try to get it above the 580 score to get a FHA loan.

Guest

what if i was looking to buy a foreclosure and my credit score is 524 and i have 20% down, out here in arizona were finding foreclosure as low as 49000 with no property damage

Guest

i am not a girl haha

gmakerley · Posted: Sat May 23, 2009 8:52 am Post subject:

male or female, you'll still be treated well. however, that credit score that you cited won't get you close to a mortgage, i am afraid. you need to work hard to get your score up to 620 if you want a decent shot. don't worry about price inflation, though. prices won't be going up too soon.

williamscorp2 · Joined: 24 May 2009 Posts: 2 1.59 Dollars($)

what can i do to build credit when i dont have any and the only thing i have is a car i got financed and noone will give me credit to build it up,help me please

Guest

It will be diffucult for you to build up your credit score now. Lenders won't give you mortgage if you don't have a good credit score. You can check out if you can open bank accounts and go for credit cards. If you maintain them well, it will help you in building credit.

gmakerley · Posted: Tue May 26, 2009 7:45 am Post subject:

william, you can seek out secured credit card(s) by depositing a sum of money (upwards of $300) in a bank or credit union that offers such a service. then you can apply for the credit card, which would be secured by your bank balance (they put a hold on the money). use that card or cards sparingly, paying the balance each month you use it so as to avoid interest. continue doing this and this will assist you in building up your score. a question: is the car loan that you have being reported to credit bureaus? if not, ask the lender to do so right away.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

williamscorp2

Welcoem to forum.

you have couple fo options, but before that do nto try to apply for too many cards because no one is giving you any cards as of now. That will also have negative imapct on yoru credit scroe.

1. Secure cards - probably you can get wiht your local bank where you ahve yoru checkign and savings account
2. Store cards - this is much easier to get since the merchans wants to seel you and they will have less restiricatiosn as far as approval.

3. Piggy back on some one elses credit, if you have some oen who can allow this.

Good luck and feel free to ask.

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Can we get a home loan if our credit scores are 514 and 524