Would a mortgage lender consider me with credit score of 595? No BANKRUPICES thank God!! What do you know?

Question

I would really like someday in the near future to own my own home. I'm single with no children. I've been on my job for many years it doesn't pay all that great but it is a stable job. Would a lender laugh at me with a credit score of 595?

Answer 1

I doubt it, but your interest rate might be higher. I have a second point for you to consider. Get the book "Tax Liens Direct", the website uses the same words, read it, and put it into use. It does work. You could very well own a nice home by either that means, or from being involved with tax liens to the point that you could buy one out right with no loan. I would suggest that if you can, get a piece of land and build it yourself. That way you know how it was built and will not have any surprises.

Answer 2

Do NOT listen to posters who say a credit score doesn't matter. It absolutely does.

Your 595...is it your low, middle or high score (mainstream banks will pull a tri-merged mortgage credit report on you -- it will contain 3 credit scores from the 3 major bureaus. They will go with your middle score)? This number is the core of the mortgage process. It will determine your program, how much down, if any, you'll need and, most important, your interest rate.

Sure, there will be lenders out there who will work for you...but your interest rate will be high.

Go to a bank that you have a relationship with. Talk with them.

Answer 3

Yes, you can get a mortgage. easily. i have like 400 something and i can get approved for one. and i dont even have a job at the moment.

nearly anyone can get a mortguage. what differes is the interest rate and other small factors.

the credit score is actually a very very small part in getting a house loan. companies look at history, income, and years on the job. mostly income and years on the job.

you will do fine, you might pay a little more interest than what is comfortable. but you can get a decent loan. i promise.

shop around. take the best deal. if the best deal is not that good. wait 6 months and apply to refinance. if its an ok deal. wait about a year, then refinance. maby wait a year for both.

after you have made steady payments on a mortguage for a year, comanies will compete to get you the best rate.

get a quad plex, you live in one. rent out 3, u spend 450 a month for mortguage, you get 450 times 3 income a month for renting out.


oh, and look into homes being resold for people not paying their mortguage, or even better, homes sold that the government took for no taxes being paid. my fiance's neighbor bought a very nice home for 4600 bucks. a little small, only a couple rooms, a little remodeling, unneeded remodeling, now its worth like 40k

Answer 4

All banks just about offer the same products and loan programs with the different qualifications in each of their programs.

Your interest rate is based on your credit score and how well you have paid your consumer debt over time.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.

In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

I this has been of some use to you, good luck

"FIGHT ON"

Answer 5

No.Why should lender laugh at you?I understand your feel.I am a loan consultant for last 4 years.We do loans to 500 score.Since you have a stable job for more than two years,you may be eligible for a loan but it also depends thru other factors.If you want to know more.Drop me an email for more information:
[e-mail] I can guide you to the steps involved to improve your score.
Thanks.

Answer 6

Yes, you have to find the lender who will finance you. I obtaned a credit for a condo at 580 and 6.75% fixed for the ammount without down. You can find may be better. Your job will do the greatest part of the deal.
Shop arround.

Answer 7

No, go to your local bank as a starting point. They are looking for payment histories also. If they seem unwilling, ask them to refer you to another lender. I think you have a good chance of finding a mortgage.

Answer 8

Nope....I just started learning the mortgage industry and we work with FICO's in the low low 500's. We just refinanced a couple that had a FICO at 530. So it is definatly possible.

Hope that helps!