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Is it true that a score in the mid 500's can get you a mortgage with 20% down?

Guest

Hi,

A mid 500 score is very low to get competitive market rates. The type of mortgage offers you will get would have higher interest rates because of your lower score.

clowery · Posted: Fri Jan 12, 2007 3:34 pm Post subject:

momofthree, you could definitely get a mortgage with a mid 500 score and 20% down. It is possible that you could get approved for even more than this though; I have a couple of lenders that will provide 100% financing with a 550 mid score. This is of course contingent upon many things, but I can tell you that if you have at least 10% to put down I should have no problem getting you approved. Please give me a call at your earliest convenience if you would like to get prequalified.

sara · Posted: Sat Jan 13, 2007 12:43 pm Post subject: RE: home loan at mid 500

Hi Momofthree,

Welcome to the forums.

It is possible to get a home loan with 20% down payment but at a score of mid 500's, you are likely to qualify for high rates of interest.

In general, a 620 score is taken to be a suitable one for getting better rates on mortgages. So, if possible, try to improve your score and then look out for loan offers.

You may take help from the section on How to improve credit score .

Thanks,

Sara

wablola · Posted: Mon Jan 15, 2007 1:06 pm Post subject:

Hello Momofthree,

It is possible to get a home loan with 20% down with the mid 500 FICO as everyone has posted. However, I highly agree with Sara if you are not in a rush to purchase a home, is to improve your MID FICO Score to be at least 620. Doing so will open more loan options and better rates. Go over your credit report and see what is causing your MID FICO to be at MID 500's. After doing so, see what you can do to fix it.

If you are going to use a Loan Officer or Mortgage Broker to shop for a loan for you, please shop around with others to have them compete for your business. Better yet, educate yourself on this site and you can shop your own loans.

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