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2007-01-18 10:11:36 · 7 answers · asked by bassetluv 4 in Business & Finance ➔ Credit
If you are trying to buy a house at 100% financing, you will have to have at least a 580 score. In fact most lenders just moved that to 600 in December. There are a few programs that do not look at your credit score though. You could have a score aroud 350 (the worst possible) and still get a home. These programs do require that you have equity though. For a purchase you would likely be required to put 20-30% down.
2007-01-18 11:29:31 · answer #1 · answered by Ron B 3 · 0⤊ 0⤋
I completed a loan for a borrower whose credit score was 504 (the lowest I've come across). I believe 500 was the minimum credit score I've been able to find a lender willing to accept.
The range is 450 - 850 (though 800 is the highest I've seen).
2007-01-18 11:22:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I know of companies that can do loans for people with NO credit score. Of course there are lots of other companies that do non-conforming loans. There are many other factors like loan to value, getting a deal on a home, income, etc. For more information , fill out the free evaluation form at:
www.totaldebtsolutionsllc.com
2007-01-19 11:51:24 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
580 is about the lowest score for a home loan with most banks however few will lend to you but at an extremely high interest rate it is better to pay a relative to co-sign for you than to pay so much interest on that loan banks usually use your score to determine the interest rate that theyll charge you
2007-01-18 10:25:26 · answer #4 · answered by abstract53 2 · 0⤊ 0⤋
Anybody can get credit for anything they want, but, the rate you pay is based on the amount of risk the leader believes he/she is taking.
Based on today's average rate about 6%, you could have a credit score of 7 and get a mortgage, you would just have to pay 39% interest, a couple of points, pmi insurance, a possibly your first born child
2007-01-18 10:24:44 · answer #5 · answered by edoubleyou 4 · 0⤊ 0⤋
Congratulations on saving the type of enormous quantity on the type of modest income. you've 14% kept for a down price. such as your credit you'll likely want 20%. save saving, and artwork on improving your credit status. regrettably your income isn't adequate to qualify for a $60,000 personal loan.
2016-10-15 10:21:37 · answer #6 · answered by ? 4 · 0⤊ 0⤋
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2007-01-18 15:35:14 · answer #7 · answered by Anonymous · 0⤊ 1⤋