2007-02-23 04:15:57 · 11 answers · asked by D NICE! 2 in Business & Finance ➔ Credit
Yes it is possible to get approved. I work for a mortgage company and we deal with a lot of low credit scores. Depending on what the report says on what is late. Ex. most lenders do not take medical into account and everything else, if its been either a year or two depending on the bank. There are many many lenders out there with plenty of programs. With lots of equity, that will definitely be a plus.
2007-02-23 04:23:53 · answer #1 · answered by TP2001 2 · 0⤊ 0⤋
I believe you can get a loan for any amount you want from any place, but the question is can you afford to pay your mortgage, along with any other misc expenses, and fee along the way? Mortgage company's want to give loans, this is not a problem, especially if you have some equity, but the secret that most people don't think about is depending on how much you put down, determines how much you borrow, which in turn determines how much your mortgage will be.
2007-02-23 04:49:15 · answer #2 · answered by Lovely 4 · 0⤊ 0⤋
Hamlin Mortgage is working with us right now to get someone in Georgia approved witha 490 score going up to 75% loan to value ratio. They do business in 48 states. Fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and a loan officer from Hamlin will contact you within 24 hours. Good luck.
2007-02-23 11:54:54 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
That kind credit score probably won't be able to get you a mortgage and if it does, you'd have to pay much higher interest rates due to your credit risk.
I would say thay this person should fix her credit by using the equity she has to lower whatever credit card debt she has accumulated as well as other loans for cars, school etc.
If you still want to attempt to get a mortgage, you should try a website such as Lendingtree.com to see what offers this person can get. I wouldn't be surprised if they are outrageous or there aren't any offers made at all.
Fix your credit score and you may be able to qualify for a mortgage.
2007-02-23 04:23:41 · answer #4 · answered by peachygurl86 2 · 0⤊ 0⤋
The more equity the easier it will be to get a loan. But the score is poor so expect to pay a lot in upfront fees and extra interest.
It would be better to try to build the score up to 650 or so. You will save a lot of money.
2007-02-23 04:21:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
She would have to have ALOT of equity. And i mean ALOT.That is a really awful credit score and would represent huge credit risk to the lender. A high income and alot of down payment would help but nothing is guarenteed.
Mid to high 500's would probably the low end of getting approved in normal cases.
2007-02-23 04:19:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
lots of equity has nothing to do with getting a loan. with a score that bad no one will probably give you a mortgage loan.
2007-02-26 14:30:23 · answer #7 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Try the below company
2007-02-23 11:47:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I'm interested in this as well
2016-09-19 13:16:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I often end up asking the same question on other sites
2016-08-23 19:06:44 · answer #10 · answered by ? 4 · 0⤊ 0⤋