It's for a first time home buyer in Illinois. I know to expect a high interest rate if it is, in fact, possible, but just wondering if there really are banks out there that would take a chance.
2006-12-08 10:48:58 · 7 answers · asked by annabanana4883 3 in Business & Finance ➔ Credit
I inquired about a home purchase about 2 years ago. The credit score needs to be at 575 and above. Your interest rate and monthly mortgage will be higher at the qualifying score of 575. You are almost there. visit websites such as; how to increase my credit score, follow the advice trust me i am increasing my credit score with information i read at that site. Before you know it you will be a home owner.
2006-12-08 11:06:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
whilst Judy is genuine that some lenders do no longer check out score on my own, you will possibly desire to evaluate that a score that low in all probability skill you have some somewhat severe credit issues. some states and a few lenders will require the two certainly one of you to be on the non-public loan. extremely in case you're employing the income of that individual to objective to qualify. you will possibly desire to repair the subject concerns alongside with your credit previously you word for any mortgage. Sub best loans are the clarification in the back of the disastrous economic device so which you will in all probability have an somewhat no longer basic time.
2016-10-14 07:25:03 · answer #2 · answered by ? 4 · 0⤊ 0⤋
The first answers are really too generic. If you are really interested in purchasing a home; don't sell yourself short. There are lenders who specialize in subprime borrowing that take the time to work with you to obtain a home loan. The usual cutoff for obtaining a mortgage is 500 credit score. Those specialists work with you to increase your credit score if necessary, too. I have worked with several of these lenders for years. (Though not in IL) I would suggest that you contact American Equity Mortgage, First NLC, Ameriquest, Countrywide/Full Spectrum Lending.....all of these companies specialize in your situation.
2006-12-08 10:58:53 · answer #3 · answered by MJ 4 · 1⤊ 0⤋
If they did take a chance your interest rate would be so high that it wouldnt be worth taking out the loan
2006-12-08 10:51:57 · answer #4 · answered by tchem75 5 · 0⤊ 0⤋
Here are many compnies offering bad credit loans. No matter how poor/bad is your credit you can apply for loan,
http://badcreditsloans.blogspot.com/
2006-12-08 15:58:17 · answer #5 · answered by kelly 1 · 0⤊ 0⤋
most inner city or metropolitan areas have an urban homesteading project..where i live its called a priority board..check with united way information and referal.
2006-12-08 10:53:30 · answer #6 · answered by koalatcomics 7 · 0⤊ 0⤋
not w/o a really large dwn pmt.
2006-12-08 10:51:17 · answer #7 · answered by Gordongirl 2 · 0⤊ 0⤋