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Jeff
Guest
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 Posted: Fri Oct 12, 2007 4:19 pm Post subject: Credit Score |
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Is it possible to obtain a mortgage with a mid score of 560? Home cost is $290000, with a $55000 downpayment. All old debts paid in full, and everthing is current. Only other monthly bill is a car payment, $450/mo. Our combined income is $100000.
If this is possible, can anyone make any suggestions to which companies may offer such programs and any idea of what the interest rate range may be?
I know the score is well below what most lenders require. |
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Michel
Guest
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| Posted: Fri Oct 12, 2007 8:20 pm Post subject: |
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Hi,
It is possible to get a mortgage with such a low score. You fall under the sub-prime category where lenders will approve your mortgage with a higher rate of interest. It also depends on the down payment that you are going to make. I think it will be better if you consider the FHA mortgage loan. |
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 larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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| Posted: Fri Oct 12, 2007 10:18 pm Post subject: |
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Hi Jeff,
Your mid score is low and the lenders will consider your other informations and will take a closer look on your profile. But, at the same time, it is not impossible for you to get a mortgage. Mortgagefit is a big community with more than 24000 members and 500 lenders and the community is always ready to help. So, if you request, you can get the mortgage  |
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jayboltz
Joined: 05 Oct 2007
Posts: 4
Location: Lake Wylie, SC
2.69 Dollars($)
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| Posted: Mon Oct 15, 2007 8:42 am Post subject: Credit Score |
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Jeff,
Yes, this is still possible in this current mortgage market. We just closed a loan with a client having a 475 but he put more than 20% down and had over $100K in assets.
_________________
Jay Boltz
IMS Mortgage
Mortgage Specialist
NC, SC, VA |
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willisaddo
Joined: 10 Oct 2006
Posts: 32
Location: Atlanta
17.53 Dollars($)
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| Posted: Tue Oct 16, 2007 11:04 pm Post subject: |
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Absolutely Jeff! You seem to be on the right track as to having all the negative accounts paid in full. Our minimum credit score excepted would be 500 on a conventional loan. As far as mortgage companies are concerned simple work with a knowledgeable and reputable lender. Let me know if I could be of assistance.
Best regards,
_________________
Will Addo
Wells Fargo Home Mortgage
678-473-6776-O
www.wfhm.com/wfhm/willis-addo Website
“Your credit score: Those three little numbers
can have a six-digit impact on your life.” |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 538
Location: Minneapolis
28.93 Dollars($)
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| Posted: Wed Oct 17, 2007 8:30 am Post subject: |
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Hi, it is possible to get a mortgage under the conditions you have described. If you have not had negative credit in the past year and ifyou fall within the FHA limits your best bet would be to go with FHA loan as it will give you the best interest rate and terms. If not then a subprme loan a possibility for you with full doc documentation. Although expect a pretty high rate.
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Eugene Volovik
Home Loan Consultant
Countrywide
612-481-3127
Conventional, FHA and Commercial Lending in 48 states |
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