Posted on: 07th Jul, 2009 04:14 pm
I HAVE A CREDIT SCORE OF 569 I WAS DENIED BY AMERICA MORTGAGE ,CAN I GO SOME WERE ELSE TO SEE IF I CAN GET APPROVE THOUGH SOMEONE ELSE? HERE DO I GO? EVEN TOUGH THEY HAVE ALREADY PULLED MY CREDIT REPORT?
Hi Rusty,
With a credit score of 569, you will find it very difficult to qualify for a home loan. Lenders now require you to have at least a score of 600+ points to get approved for a loan. I doubt whether any lender would want to offer you a loan until you improve your credit. I think you should first work on your credit. Pay off your debts, remove the negative items from your credit report and pay your bills on time. Once you have a 600+ credit score, you can start applying for a mortgage.
With a credit score of 569, you will find it very difficult to qualify for a home loan. Lenders now require you to have at least a score of 600+ points to get approved for a loan. I doubt whether any lender would want to offer you a loan until you improve your credit. I think you should first work on your credit. Pay off your debts, remove the negative items from your credit report and pay your bills on time. Once you have a 600+ credit score, you can start applying for a mortgage.
Hey rusty, jenkin's right..... u need to improve ur scores.... 569 is low, 620 is the standard scores required now. y dont u get hold of a good lender, he can help u out in improving ur scores n thn u apply 4 Home mortgage loans... u get good rates n terms if u hav real good scores n it also secures u from any future financial pobs...
There are some local banks that will work with a lower score if there are other compensating factors. Those factors would be high income and low LTV. For example, I work with a bank that does not use the scores as a deciding factor at all. However, they only lend in the northeast.
well it might be difficult but my husband and I got a loan with a 589 top score......all we had to do was have a reserve savings account with at least 6 months payments in it
Thanks for sharing your experience in the forums!! :)
Work first on improving your credit scores. If you can no longer wait for that then try out a guarantor loan.
