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foreclosure370 · Joined: 09 May 2009 Posts: 1 1.47 Dollars($)

already have a mortgage with perfect payment history need financing i have a 550 credit score with some collections

gmakerley · Posted: Sat May 09, 2009 10:13 am Post subject:

not gonna happen in this market, i am afraid. everyone wants 620 score at a minimum with a few minor exceptions that'll go to 600 at worst.

SSPINGARN · Posted: Sat May 09, 2009 10:16 am Post subject:

THERE ARE SOME THAT DO 560 AND UP TRY TO PAYOFF SOME COLLECTIONS AND GET THE SCORES UP

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi foreclosure370,

Welcome to our forum.

550 Credit score is not sufficient. You must have 600+ Credit score.

Thanks & Regards.

SSPINGARN · Posted: Sat May 09, 2009 9:00 pm Post subject:

Not true there are some that can do 560 and up

danielcorral13 · Joined: 20 Apr 2009 Posts: 53 0.69 Dollars($)

I am really confused some every guy says different - different credit score to get loan. Can any one give perfect answer to this question. I also want to know answer of foreclosure370's question.

Be aware.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi ok with that score it will be very hard as most are looking for 620+ im sure there are a few programs that will still do 560 i think your best bet is to try to fix your credit. Paying off your collections and paying down your debt getting late payments removed would be your best bet and really help you get a loan if you can get your score higher.

gmakerley · Posted: Mon May 11, 2009 8:14 am Post subject:

i don't know any lenders who are working with 550-560 scores, but it's not impossible for them to exist. will they offer 5% - 6% rates? i would be most skeptical of that.

but even the subprime entities around here are at 600 at a minimum.

savior70 · Posted: Tue May 12, 2009 7:14 am Post subject:

Hi

There are hardly any lenders who would offer loans with 550 credit score. You need to improve your credit score at least to 600 points so you can qualify for a mortgage.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

HI yes it will be very hard your best bet will be atleast a 620 score. I have seen a couple get a mortgage with a 595 score but it was not a 5-6% loan. Im sure the interest rate is crazy. So in your best interest try to get your score to the 620 mark.

Posted: Sat May 16, 2009 5:55 pm Post subject:

thanks everyone

solidaynathan · Posted: Sat May 16, 2009 9:09 pm Post subject:

Recently had a flier come across my desk where the lender was boasting FHA with 550+. We called and they pretty well said that they knew they were the only game in town and to not expect it very fast, expect to get stipped big time, and forget getting any kind of rate below 6.5.

It sounded like it would be much more trouble than worth, especially knowing that there is a very good chance that these will never close after many heartaches.

Best of luck!

gmakerley · Posted: Mon May 18, 2009 8:10 am Post subject:

thank you for sharing that nathan - i have been skeptical about all those claiming rock-bottom credit scores were viable anyway. clearly these are simply the new wave of sub-prime offerings.

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55o credit score