2007-01-23 01:24:09 · 18 answers · asked by GLENN & JACQUELINE S 1 in Business & Finance ➔ Renting & Real Estate
i'm gonna have to say NO
2007-01-23 01:25:59 · answer #1 · answered by Panda Baby 3 · 1⤊ 0⤋
This is a hard question to answer. I have been a Mortgage Broker for over 3 yrs and I have Never seen a bank lend to someone with a 520 score with No Money Down, especially now. Banks used to do this years ago but with the Foreclosure rates increasing at an all time high in the last year and only continuing to increase, you will not have a easy time getting a No Money Down Home.
My suggestion would be to pull your credit score, see why its so low. Fix it! Once you get the score to a 580 and above, bank will be more than happy to give you a 100% Financed loan.
Here are the things you can do to fix your credit. Get a credit card, make charges on it and pay them off, do this for a few months, than get another one and do the same thing. You need to prove to the banks and lenders that you have fixed the rut you fell into and that your getting back on track. This is one of the only ways to do it. Prove that you are credit worthy!
2007-01-23 01:45:22 · answer #2 · answered by babedoll_nj 2 · 1⤊ 0⤋
The answer is maybe. Here's the scoop -
Traditional financing (bank type loans) require scores of 660 plus for loans with down payments.
Sub-prime loans go much lower and even though you could qualify for a loan at 520 score (of course there is more to it than just scores), you can not get 100% with that score. The lowest score to get a 100% right now is at 570. Keep in mind that parameters change and are tightening up right now, so next month it may be at 580, or 590.
Hard money - they lend to anyone who can sign their name, but not at 100%. They like 65% range becasue they really don't care if they have to foreclose, they get your equity then and count on a certain percentage doing just that.
FHA is the only possibility left for that score with really nothing down. In reality, most FHA lenders will NOT accept that low of a score either, but there are a few that might if everything else is perfect on your application, and you don't have certain credit issues that are driving the 520 score. (I only know one that would consider it, and they are very tough on their low score files)
Your best bet is to raise your scores up and work with a very strong mortgage broker who can lead you to the right solutions over the course of several months of building your profile.
2007-01-23 01:43:53 · answer #3 · answered by walkinandrockin 3 · 1⤊ 0⤋
I disagree with the first answer. You can buy a house with a credit score of 520. Expect to pay a higher interest rate. You might not qualify to get the full amount of loan you need. If you are buying a house in Florida don't expect to get those cheap fixer uppper. I've been looking for the past three months and all those are either in contract or sold already. There are hundreds of loan programs out there to assist you in your purchase of a new home. Are you a first time home buyer? If your income is low and your score is what it is, you will definitely need a co-signer
2007-01-23 01:28:15 · answer #4 · answered by Anonymous · 1⤊ 1⤋
I have still not figured out this credit score thing. I make more money now than I ever did and have never been late on any payments. I own my home and 2 of the 3 cars I have are paid for. Because I have student loans my credit score sank from 720-520 and now it looks like im a dead beat and I have never even been late on my water bill. I have to say I just don't get it. I have credit cards with no balance!
2007-01-23 01:28:14 · answer #5 · answered by Karrien Sim Peters 5 · 1⤊ 2⤋
Yes. I'm in the process of doing it now. However, I wasn't approved for a lot of money, but it's OK for a first home.
Also, your interest rate might be higher with a lower credit score. It lessens the bank's risk. But you can buy a "fixer upper", work on it for two or three years, get it ship shape, turn around, sell it, and if you get lucky, make a profit and roll that over into the next house, and so on, and so on.
Best wishes on getting a house, because renting is throwing money away.
2007-01-23 01:26:10 · answer #6 · answered by Anonymous · 1⤊ 1⤋
you need to be greater imaginitive than economic business enterprise/very own loan business enterprise financing. How approximately searching for a land settlement deal from a on the industry by ability of proprietor. Or proprietor offering a 2d very own loan for 35%. With 520 score your thoughts are greater limited. you ought to remember final expenses, escrows, assurance, identify, and so on. in case you may get a fat appraisal above the sales value of the abode you may artwork some bargains. this is going to take some attempt
2016-11-01 02:01:08 · answer #7 · answered by ? 4 · 0⤊ 0⤋
No you would have to put some money down and your credit score is not that good.
2007-01-23 01:37:06 · answer #8 · answered by . 6 · 1⤊ 0⤋
Yes. My husband and I did. We both had really bad credit maybe even lower than yours and my husband lost a previous house he owned before we married three years ago. We only put $320 down...that is all! We found a wonderful mortgage agent and broker who helped us and was patient with us for 8 long months of looking. We now own a beautiful home we would have never thought we could own. Dont give up keep looking!
2007-01-23 01:29:53 · answer #9 · answered by jrolao77 2 · 1⤊ 1⤋
no it would be impossibe i have been going through trying to buy a house with a score of 625 and still cant find anyone that wants to help with money down good luck
2007-01-23 01:27:12 · answer #10 · answered by BlessedMommyof3.. 5 · 2⤊ 1⤋
Probably not. I would consult with a mortgage company or private lender, to see if there are any options for you. What might happen is that they will tell you how to fix your credit (is about a year) and then they will be able to help you....
Ask me any questions, Im a Realtor.
2007-01-23 01:51:45 · answer #11 · answered by Sasha 1 · 0⤊ 2⤋