need to find a mortgage but the credit score is a 530, where can i find a $50,000 loan for a NY state resident

Question

trying to help a friend, mortgage brokers are welcome

Answer 1

If your friend goes with an FHA loan, the credit score doesn't really matter, as long as they have the 3% down (or they can see if they can get down payment assistance and put nothing down), have a job, and verifiable income, and a bank account, tax returns, and minimal debt. Basically they want to see that even if your credit isn't that great, you make enough money to pay, and you aren't strapped in debt.

When we bought our first house, I had no credit and my husband had about the same score as your friend, but we had no problems. Find a reputable lender in the area, ask the real estate agent who they would recommend.

Good luck & happy house hunting.

Answer 2

Your friend's rate will likely be very high. He would qualify for a subprime loan as long as he/she meets their criteria. The lowest score that qualifies is 500.

Your friend should get multiple offers when she does decide to apply so that she can select the loan with the best terms. The good news is that all applications submitted within a 45 day period will count as only one inquiry on the credit report.

Answer 3

With that credit score, it would depend on your Loan to Value (LTV). The higher the credit score, the closer you can purchase a property at 100%. The lower the score, the less you can purchase against the equity in your home.
With a 530 fico, expect to pay higher interest rates.

Answer 4

Hello there, I am Mr chris peter.A legit loan lender.Are you into debts? Do you have a bad credit?Are you financialy down.I give out loans at low interest rate of 3%.I give out loan to Business,Auto and personal loan to Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US and SGD the maximum I give is 5,000,000 both in pounds and $US and the minimum 1,000 pounds and US$ and SGD so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories: Manager of a company A private Holder A broker in banks A director in any office or company A high investor of and compay If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon. NAME:............................ PHONE:........................... COUNTRY:.........................
LOAN AMOUNT NEEDED.....................send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now at [e-mail]

Answer 5

Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there?
You can contact them with their email,[e-mail].