2006-10-13 06:57:21 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes you can, but you will have to go to a mortgage company that specializes in sub prime loans. (I worked at one for 4 years). As long as you meet certain criteria like: If there is a bankruptcy, it needs to have been discharged for 2 years, on a job for at least a year, can show proof of employment, have 3 months bank statements, etc. They may have to work pretty hard on it. It will take a little longer to get the loan through than someone with good credit, but if you are patient, a good mortgage loan officer can get you through. Your rate will be a little higher than prime rate too, but with interest rates as low as they are right now it should be something you can live with. I have seen sub prime rates as high as 9 or 9.5%. That was 3 or 4 years ago though and rates are better now. Just be patient and good luck. Oh yeah. Don't go to a bank to try to get a mortgage loan. They only do good credit. REMEMBER. It's just important to find a good mortgage company that specializes in sub prime loans.
2006-10-13 07:11:53 · answer #1 · answered by tommygirl 3 · 1⤊ 0⤋
Steve there are no lenders out there that I am aware of for your scores. It is not an FHA rule that stops you it has to do with the lenders FHA score card. See the investment world does not want your loan as persons with your scores are 4 times more likely to default on a payment and even the whole loan. That hurts the lenders score card and they cannot sell your loan on the secondary market either. You better get your scores up quick to make this happen. So the first thing to do is to pay the balances on any card to very little like $10 on each. Then get a letter from the card companies as to the new balance. Once that is done send it to your mortgage banker /loan officer and have the credit re scored. That takes 72 hours. The scores may come up enough for you to buy. Now you will need 2 scores over 620 to buy with an FHA secured note. You should have been pre qualified to buy before any offer was made. You may loose any ernest money you have on the contract if there was not a financing out I am a mortgage banker in TN
2016-05-21 23:11:19 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yes. But it is not going to be easy and the rate is going to be steep. So steep in fact that I would not bother.
I know that rent is dead money, and that you probably want to buy, but getting a bad mortgage is almost worse than renting. You cannot just move out if you don't like the way things are going.
I think the best advice is to work on your credit. Figure out why your score is so low and fix it. There are articles out there about doing this. Pay off collections, repair any mistakes on your credit, make timely payments on your existing loans. If you can get into the middle 600s you will save a fortune in interest and get a much better mortgage.
Of course the other option is to take a crappy mortgage now if you can find one and afford the payments and refinance a year later. Generally having a mortgage for a year will improve your credit score if all other factors are okay.
2006-10-13 06:58:56 · answer #3 · answered by ZCT 7 · 0⤊ 1⤋
You'll have a higher interest rate than someone with 750, and might be more restricted in percentage of value you can take, but yes.
A good loan counselor will look at your credit score and look for ways it can be improved in the short run, such as paying off credit cards or correcting damaging errors. If you have a good loan counselor that offers such advice, take it. It can save you thousands of dollars in the long run.
2006-10-13 07:01:59 · answer #4 · answered by open4one 7 · 0⤊ 0⤋
Yes you can.
Your interest rate will probably be higher; ex: anywhere from 10% and up. But after about a year to three years you can refinance for a lower rate once you get your credit score up.
I live in Washington State but I have lenders that are licensed in all states; they can do loans for people with a 500 FICO score and up.
If you would like more info please email me and I will give you their info.
2006-10-13 07:44:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, but you'll have to do some research and find the right lendor before you lower your score with a bunch of credit checks. Your interest rate is going to be a lot higher too.
2006-10-13 07:05:17 · answer #6 · answered by Mariposa 7 · 0⤊ 0⤋
Yes. Why all the niegh saying for those who want to own a home!!! Our country has the best tax breaks for home owners. Are you trying to keep this person down?
Yes you can, you can probably even get 100% financing. just make sure you can make the monthly payments. That is the important part. -cjkloanguy@yahoo.com
2006-10-13 09:19:15 · answer #7 · answered by cjkloanguy@yahoo.com 2 · 0⤊ 0⤋
Probably, but you're going to have to pay a whopper of an interest rate.
2006-10-13 07:05:22 · answer #8 · answered by freedomnow1950 5 · 0⤊ 0⤋
YES
Fill out a complete application and have your credit pulled for a definite answer for your situation.
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2006-10-13 07:40:37 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes. you won't get the best rate around, but you will definitely qualify for a loan.
2006-10-13 07:05:20 · answer #10 · answered by GirlUdontKnow 5 · 0⤊ 0⤋