my credit score is 450 can i get a mortgage

brchesterly · Joined: 17 Aug 2007 Posts: 1 1.31 Dollars($)

i need a mortgage my credit score is 450 can any one help me

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Brchesterly,

Generally, most lenders do not want to lend borrowers who have a credit score of less than 500. Moreover with a lower score, you might get a mortgage with comparatively higher rate of interest.

With a low credit score, you can obtain a loan from any bank or credit union. Nowadays, FHA or VA approved loans are available with 95% financing.

adonis · Posted: Sat Aug 18, 2007 3:54 am Post subject:

Welcome Brchesterly,

At your credit score, you may find it hard to qualify for loans as the current mortgage market is in a crisis and lenders everywhere are tightening rules and criteria. I am not aware of your financial situation, but my friend, it's better if you can raise your score and then go for the loan.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Lenders would like to know the reason because of which your credit score has gone down. If there are lates, charge offs, collection accounts appearing on your credit report then you will have difficulty in qualifying for the mortgage.

One option for people with poor credit profile is an fha loan. But even for fha loans your overall credit history for the last two years will be looked at.

Miller

evolovik26 · Posted: Mon Aug 20, 2007 1:30 pm Post subject:

The only way you can get a mortgage is by utilising hard money lenders
you wil have to put down 30%-40% and the interest rate will likely be 13%++

Caron

Hi Evolovik,

That's a good suggestion from your end. Eric can surely approach a hard money lender but do you think it will be a good option because the interest rate is too high. And, if he doesn't have a good income source, then he may default again and that's going to make his credit even worse.

I feel that instead of a hard money lender, Eric can conisder taking a mycommunity mortgage from any fannie mae approved lender or loans offered by NACA. We've had discussions on taking loans from hard money lenders previously. You can just refer to the discussion to know more about this issue.

Good luck Smile

All times are GMT - 7 Hours

Page 1 of 1