what lender does loans on a 493 fico score?

Question

80 LTV...

AND IS NOT FOR ME IS FOR A CLIENT OF MINE I'M A BROKER. =)

Answer 1

that is a tough one. if it is an investment property that is not going to be occupied by the owner then you can find a hard money lender. if it is a personal property i don't know who will do it. the best thing for the person with the 493 fico is to sit back for a couple of months and wait while he/she starts to dispute everything that is negative on his/her credit report and hopefully his/her score will rise in the next couple of months.

Answer 2

493 is a pretty low score. I would recommend waiting a couple months while you try to fix your credit. Even if you do get a loan the interest rate will be much higher than if you try to fix your credit first.

Advice to fix credit: Dispute all neg info on your report with the credit bureaus below:
Experian - 800-831-5614
Transunion - 800-916-8800
Equifax - 800-685-1111
This can take up to 30-60 days but could get many collections off your credit.
Also, do not authorize anyone and everyone to pull your credit. The more recent inquiries the lower your score. Keep the balances of your current credit cards below 50%.

Answer 3

Any score below 640 is considered "sub-prime" but 493 is so low that no lender in their right mind would even touch it. It's not easy to imagine how one could even get a score that low. I would say you need to seriously work on improving your score because this will haunt you for many years to come, making your life miserable.

Answer 4

I would say you really ought to repair your credit before getting a loan. A better credit score will not only make your chance of approval higher but you will get a better interest rate, so that means you would save money!

Answer 5

Great question