2006-11-08 06:52:22 · 12 answers · asked by pamela f 1 in Business & Finance ➔ Credit
You don't need a high credit score to buy a house, but the higher your score the lower your intrest on the loan will be.
2006-11-08 06:54:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are lenders that provide home loans even in the 500's. The rates are high and require very good income verification.
The right thing to do is improve the scores as high as possible before applying. I coach borrowers on managing credit scores. Check my blog out for some very helpful info to get credit scores up.
2006-11-08 08:11:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Also try to contact a lender that specializes in "B" credit lending, like you have. You won't get as good a rate as someone who has a 700 credit score, but 500 is about the minimum to get a mortgage handled. The more down payment you have; the better chance of getting approved. But most people with 500 credit scores don't have bundles of cash sitting around or they wouldn't have 500 credit score, right?
Try The Lending Center/First NLC, or Ameriquest, or Full Spectrum (a division of Countrywide)...they all specialize in B lending/subprime lending. Good luck.
2006-11-08 13:21:58 · answer #3 · answered by MJ 4 · 0⤊ 0⤋
If you have a score below 620 you can get a mortgage, but you'll need to put around 25% down plus you'll have a very high interest rate...probably 12 to 14%.
There are some brokers out there that will lend you the money with less down payment, but you would have to have an excellent debt ratio, which of course is probably not the case if you have problems paying your current bills.
2006-11-08 06:58:14 · answer #4 · answered by bikeworks 7 · 0⤊ 0⤋
500 is not at the bottom of the barell.You could actually buy a
house with a 650,but for the best rates you would want to have atleast a 700 good luck and God Bless
2006-11-08 06:56:35 · answer #5 · answered by D lightfully Blessed 2 · 0⤊ 0⤋
The only thing you need to by a house these days is a job. Just find a lender that can do hard money loans.
2006-11-08 07:01:18 · answer #6 · answered by ryan c 2 · 0⤊ 0⤋
Depends on the bank or company who will potenially give you a loan and why your credit score is so low, is it bad credit or lack of credit?
2006-11-08 06:54:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
That is considered fairly low, but believe me its not impossible to find someone to finance your loan it will just be at a higher rate. Higher credit usually means that more people will be willing to take a chance on financing you, which means more options and you can shop around.
2006-11-08 06:57:57 · answer #8 · answered by ladee337 1 · 0⤊ 0⤋
You won't get great terms or a good interest rate unless your score is at least in the 700's.
2006-11-08 06:53:52 · answer #9 · answered by kja63 7 · 0⤊ 0⤋
600
2006-11-08 06:54:03 · answer #10 · answered by newmum06 2 · 0⤊ 0⤋