Anyone know of any lenders that will give 100% financing to someone with a 557 medium credit score? We are looking to purchase in S. Florida.
2007-01-09 07:37:13 · 8 answers · asked by dnk0717 3 in Business & Finance ➔ Renting & Real Estate
FIRST - work on your credit score. There are several things you can do to improve it. Check out the 4 factor codes following the score and make a SERIOUS effort to improve them. Second, dispute anything on your report that is even a little inaccurate. You are close to being able to get into financing - it will just take a little work.
This is all work and advice you should be getting from your loan officer/mortgage broker. If you are not getting good, aggressive service then you need to get a new person.
2007-01-09 07:58:43 · answer #1 · answered by sdmike 5 · 0⤊ 0⤋
I'm a mortgage broker and I can tell you that you can't get more than 80% to possibly 85% if you have income documentation. Lenders have been raising their guidlines for 100% loans becuase of an increase in foreclosers. You'd need at least a 600 mid score for a 100% loan.
2007-01-09 07:55:53 · answer #2 · answered by HBSL621 3 · 0⤊ 0⤋
There are lenders that can get you the money, but it will depend on a few other factors. Most importants is your current income. If you have lots of money coming in Lenders are often willing to forgo bad credit. Other impotant items include your monthly debt payments, amount in savings and retirement accounts, and your rental history. Your best bet is to try and save up some cash, pay your bills,and try again in about 6 months.
2007-01-09 08:03:13 · answer #3 · answered by Ron B 3 · 0⤊ 0⤋
The following site has links to lenders that offer varying programs based on credit and loan needs. Their quote form is free to see if you qualify. Good Luck
2007-01-09 07:58:20 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Try this website for information about lenders that will give financing. I've used this for loan resources/information. 100% might be tough, though. Good luck!
http://loan.divinfo.com/
2007-01-09 07:46:07 · answer #5 · answered by Reenie 3 · 0⤊ 0⤋
It relies upon. in case you're taking away a private loan, and finance it properly, finding out to purchase a house can dramatically improve your credit. you will desire to make all money on time, and proceed to make stable progression paying off your guy or woman loan. in case you pay your guy or woman loan off early, it could additionally improve your credit a stable volume.
2016-10-30 11:04:37 · answer #6 · answered by ? 4 · 0⤊ 0⤋
I think you should first try to get your credit score up before you try to buy real estate. Learning how to manage debt goes hand in hand with making your largest investment.
2007-01-09 08:01:19 · answer #7 · answered by Scott S 1 · 0⤊ 0⤋
good luck i moved to atlanta ga because we could not get 100% on house at the price ranges in fl
did it easily in ga though
2007-01-09 07:44:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋