2006-09-10 02:14:33 · 11 answers · asked by kay kay 1 in Business & Finance ➔ Credit
Yes, it is possible. However you may have to pay a higher than average interest rate.
2006-09-10 02:21:42 · answer #1 · answered by regerugged 7 · 1⤊ 0⤋
You really need to clean up that credit score. 500's are considered very bad risk. You need to take a look at why you are at 450 and make some serious changes in your life. Pay off your credit cards and close out any zero balance cards. Make each credit card company send you a letter that those accounts are CLOSED. When a store gives you an opportunity to "save 15%" on your purchases, just say no. It will take a few years to do. Then you will be amazed at the interest rates that banks will offer you. You will never regret it.
2006-09-10 09:58:12 · answer #2 · answered by Vegas 2 · 0⤊ 0⤋
It's simply not true that your score is "too low" to get that loan. First of all, is it 54,000 for the house, or 61,000 for the house with you paying 7,000 out of pocket? Everyone can get a house, it's the easiest loans to get. You might not get very much money and with a really high interest rate, but everyone can get a home.
You need to go to a broker and have them submit you to a ton of banks, you'll be surprised at how many will work with you. You should take steps to improve your credit and try to get 20% to put down, but I don't think you should just give up.
2006-09-10 11:14:29 · answer #3 · answered by dishmal 2 · 2⤊ 0⤋
Your down payment is approx. 11%. Anything under 20% usually requires PMI (private mortgage insurance) but does not prevent you from getting a loan. I bought a house 3 years ago with 3% down. Your credit score in a bigger concern. You will definitely be charged a higher rate if you qualify.
2006-09-10 13:05:03 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
It will only be possible when you raise your score. The minimum score for mortgage approval is 500. At this score, you will pay a tremendous premium over advertised rates.
Getting a subprime loan is only recommended if your home value is increasing and if you are continuing to rebuild your credit. If you can get your credit score over 630, then you can move into more competitive rates.
At a minimum though, you need a 500 credit score for subprime loan approval.
2006-09-10 12:03:05 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You need to find out about sub-prime loans....these ugly, ugly loans that are designed for bottom feeders. They are very restrictive and unncessarily high interest rates and add on costs....like MPPI (not PMI)...which is a scam designed for the not so informed buyer like yourself....
In other words, you will find a loan....but it will NOT be worth it. I'd wait until your score is in the mid 600's....24 months should do it.
2006-09-10 20:04:53 · answer #6 · answered by Paula M 5 · 1⤊ 0⤋
yes it`s possable. the catch is that your rate will be out of this world. Also it helps if you buing this home from a privet seller i know lown brokers that`ll get it done also allway shoot for no money down if possable. if you can`t find anyone to do it email me and like i said i know a broker that`ll get it done
2006-09-10 17:46:12 · answer #7 · answered by scdick2006 1 · 0⤊ 0⤋
Sorry you will never get it with a credit score that low. You will have to raise your score by paying all debts on time.
2006-09-10 10:41:33 · answer #8 · answered by Anonymous · 0⤊ 0⤋
That's a pretty low score. I don't think your chances are very good unless you get a co-signer with excellent credit.
2006-09-10 09:17:37 · answer #9 · answered by ♥SassyBlonde♥ 3 · 0⤊ 0⤋
you will need at lest about 20% to 50% down on it and hope they can lower the monthly cost to.
hope you all the luck.
2006-09-10 09:36:19 · answer #10 · answered by DENISE 6 · 0⤊ 1⤋