I'M TRING TO BUY MY FIRST HOME, AND I HAVE BEEN REPAIRING MY CREDIT, I WAS WONDERING COULD I POSSIBLY GET A HOME LOAN AT A 569 CREDIT SCORE WITH NO MONEY DOWN? I LIVE IN THE STATE OF ARKANSAS AND IM REALLY TIRED OF RENTING, MY KIDS NEED SPACE TO PLAY SO IM READY! IF ANYONE CAN HELP ME THAT WOULD BE GREAT.
2006-12-29 08:14:12 · 17 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Hi ,
569 is very very good for 100 % financing .Write the case details at kishaloy_bhowmick@yahoo.com .Will provide you all the options that are open for you .What is the value of the property your are looking to buy .Also do provide that .
regards,
kish
480.751.4125
Loan Officer
2006-12-29 12:44:20 · answer #1 · answered by kishaloy_bhowmick 2 · 1⤊ 3⤋
I'm confident that you must find all financial solution at= loanhome.info-
RE I'm wondering if i can get a 100% home loan with a 569 score?
I'M TRING TO BUY MY FIRST HOME, AND I HAVE BEEN REPAIRING MY CREDIT, I WAS WONDERING COULD I POSSIBLY GET A HOME LOAN AT A 569 CREDIT SCORE WITH NO MONEY DOWN? I LIVE IN THE STATE ...show more
2014-09-02 19:08:44 · answer #2 · answered by Anonymous · 0⤊ 5⤋
I think you need at least a 640 to even qualify for a home loan and that's with a good job that you've been at for a while. 569 will barely get you a $300 limit credit card with high interest. If you had 50% down, you may have some luck
2006-12-29 08:23:04 · answer #3 · answered by Mt ~^^~~^^~ 5 · 1⤊ 1⤋
There are loans available that allow 100% financing at that score but with a little help the scores could be improved a but more and every 20 points is goind to make a big difference at this level.
Here is some additional info. Hope this helps.
2006-12-29 08:18:19 · answer #4 · answered by loanman46 2 · 2⤊ 0⤋
When was the 569 pulled. Most 100% programs start at 580. Do you know your other 2 scores?.. this is extremely important.
2006-12-29 09:15:27 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Honestly....No.
You need to get your score up to around 650 at the bare minimum. Even if some lender gives you a mortgage with a 569 score, the rate will be so high you won't be able to afford it.
You can get help from government programs for a no-down payment loan (FHA, NIFA), but the rate will still be steep...assuming they approve you for a loan.
2006-12-29 08:23:53 · answer #6 · answered by t_roe 3 · 2⤊ 1⤋
With a credit rating that low and no down payment the answer is NO! Got any relatives that could loan u money for a down. Even then U might need 20% since it would be your first home. And your interest rate will be quite high.
Good Luck
2006-12-29 08:23:42 · answer #7 · answered by statue 2 · 2⤊ 0⤋
There is a lender that will do 100% financing at that score but you must go full doc and your rate and payment will be high. Unless you are STEALING a home way below value, I would hold off for now. Everyone is tired of paying rent but that does not mean that you should go ahead and buy.
2006-12-29 08:36:59 · answer #8 · answered by ScottMortgageExpert 2 · 1⤊ 0⤋
Probably not. My husband and I were repairing our credit and couldn't get a mortgage with a decent rate until we reached the 630 mark. You could try for an FHA loan though, as long as you aren't currently in collections for anything. Those mortgages are more forgiving on the interest rates.
2006-12-29 08:19:50 · answer #9 · answered by Anonymous · 2⤊ 0⤋
properly it may desire to be conceivable yet you may maximum possibly decide on a substantial down cost and your pastime cost may well be in the time of the roof. additionally there are different components? Is the score that low simply by fact of a foreclosures or financial ruin? if so there may well be a 2-7 twelve months waiting era with many agencies in the past you may get a private loan. i think at Charles Schwab you may desire close to to 30% down and your pastime cost may well be numerous proportion factors above the national familiar.desire this enables.
2016-10-28 16:10:42 · answer #10 · answered by andry 4 · 0⤊ 0⤋