Not a lot of people have good credit in the U.S
2006-12-26 19:10:17 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, you can obtain a mortgage loan, generally your middle credit score needs to be 500 or above. Your credit is reported by three repositories (Equifax, TransUnion and Experian). In mortgage lending they use the three scores (using only the middle score, they eliminate the highest and lowest score). Your middle credit score determines the type of loan you qualify for.
I suggest you opt out of pre-screened offers (this has helped several of my buyers). https://www.optoutprescreen.com/?rf=t. Lenders consider you less of a credit risk by opting out, select the electronic opt out for five years. Wait about 60 days, then apply, you'd be surprised how much your credit score will improve.
If you are going to apply for a loan I suggest you use the big lenders, Wells Fargo contact Home Credit Solutions (subprime side), CountryWide contact FullSpectrum lending (subprime side) or Washington Mutual contact Long Beach Mortgage (subprime side). Subprime means people with less than perfect credit generally 500 to 680 credit scores. They have all the programs any other broker can offer.
2006-12-27 01:09:46 · answer #1 · answered by Martini Babee 4 · 0⤊ 0⤋
80 percent of the US has bad credit.. You can buy a rent to own like a vcr.. yes a house..Or you can find an owner anxious to sell that will sign a contract with you for payment or you can find a fixer upper with a little cash.. Or you can go to sherrifs sales where you can pick up property for a little of nothing...Are you can get loan on a nice nice house from a bank and pay high interest because they know they can always reposess and foreclose and sell it again and you still owe for it..
2006-12-26 19:22:31 · answer #2 · answered by Will T 2 · 0⤊ 0⤋
You can buy a house with just about any credit score. However, the lower the score, the higher the interest rate you will have to pay.
2006-12-26 19:12:57 · answer #3 · answered by bashnick 6 · 0⤊ 0⤋
anyone can buy a house. your credit score will affect your interest rate and it is a matter of whether you are willing to pay that much for a home or not.
2006-12-27 08:44:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Absolutely, we deal with dozens of loan officers and a credit repair company if necessary.
www.totaldebtsolutionsllc.com
2006-12-27 14:00:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes and there are a lot of programs to help you especially if you are a first time buyer. Consult a professional.
2006-12-26 19:24:52 · answer #6 · answered by towanda 7 · 0⤊ 0⤋
quite frankly, it`s easier to buy a house than a car.
2006-12-26 19:13:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
of course
2006-12-27 03:06:27 · answer #8 · answered by Anonymous · 0⤊ 0⤋