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obtaing a mortgage loan without fico score

Posted on: 02nd May, 2007 08:34 am
can I get a mortgage loan if i do not have any fico score, but my friend has the income, but he has bad credit also...under 500
Well Cynthia, getting a mortgage without credit score is possible but then the interest rate will be higher than what it might be if you have a credit score.

Leitich
Posted on: 02nd May, 2007 10:51 am
Cynthia, both of you would face problems with getting good interest rates as you do not have score while your friend's score is also very low.

If possible you two should wait for some more time to let your friend's score improve and go up over the 630 mark. It will help you in qualifying for good rates.

Colin
Posted on: 02nd May, 2007 12:32 pm
Cynthia,

There are several ways to get a mortgage with low scores and even no scores. A lot depends on why the credit is so poor......Can you tell us more about the poor credit history are there charges and if so how much and how old? FHA does not have score requirements but will look closely at the last 12-24 months of non traditional credit ie rent utilities phone bills etc....to establish alt credit. There are also programs like NACA and ACORN available.......

Colin.....there are no conforming guidelines that say a 630 score is needed......Conforming loans are NOT score driven.
Posted on: 02nd May, 2007 01:12 pm
Posted on: 03rd May, 2007 12:08 am
Thank you all for your responses. I would like to know where I can get these mortgage loans at? I know that the interest rates will be at an ugly stand point, but we have no choice right now. We are at a dead end and we need to get this loan asap!!! Please help!!!
Posted on: 03rd May, 2007 07:32 am
Cindy, you had asked about possibility of getting the loan with low score today also and some community members have suggested a few options, please go through this page read their replies: http://www.mortgagefit.com/inprocess/loan-lowscore.html

Colin
Posted on: 03rd May, 2007 05:27 pm
Another thing you should consider is this. Should you get a mortgage? Lenders have requirements set by their investors for a reason. Reason being they have set up guidelines to protect the investor for the borrower (you) going into foreclosure and not making payment. The realize the lower the credit score the higher than likelyhood of this happening. So you might want to consider working on your personal credit line first and get a balanced budget before jumping into a mortgage.

Hope you understand what I'm saying and don't take it personally. :)
Posted on: 04th May, 2007 10:15 pm
You can still get a mortgage. If you have credit history but no score then some lenders can do a manual grade. Usually you will be rateed at the lowest level, so LTV's over 80% will be a stretch. I know off hand that Chase offers this option of manually grading should no score exist.
Posted on: 06th May, 2007 03:00 pm
That's right Mike, it is better that one builds up a strong credit profile and then starts shopping for a home loan to get qualified at some of the best rates available in the market.
Posted on: 07th May, 2007 01:52 am
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