can i get 100% finance for a home with a 558 credit score?

Answer 1

I'm not going to say it's impossible, but if you do find 100% with your score the interest rate is goin to be sky high. Why don't you work on getting your score up first and then buy. It will save you a ton in interest over the live of the loan.

To get any kind of decent rate you reallly need to be over 620.

Answer 2

It will be difficult-- and VERY expensive. Most brokers ask for a 580 minimum (that's the middle or low score, not the high score).

With a score like yours, you'll probably have an 80/20 loan-- two loans to make up the 100%.

The first 80% will be at 8-9%, the second 20% probably at 13-14%. Both will have prepayment penalties that last atleast 2 years.

In otherwords-- you'll pay almost double the payment as someone with good credit.

It will be cheaper for you to fix your credit and then buy.

Answer 3

If you do, you will paying interest flowing out your eyeballs and never make a cent on the house most likely. Wait a while until your score gets up a little more and you could saves hundreds a month in interest.

Alot of people rush into buying a house because they hate renting, and ussualy this is a good thing.. but.. if you end up paying very high interest rates you may just have been better off renting as it is.

Answer 4

If you are in the credit range of 550-619 or “sub-prime” credit your interest rate on a 30 year mortgage might be about 8.5% (not bad), but when you consider it against the same person with a credit score in the range of 681-720 getting a rate of 6.5% on the same loan of $200,000 the payment for principle and interest is $1537.83, $1264.14, respectively. The difference over the term of the loan is $98,528.40.

Answer 5

You would be better off increasing your score over the next 6 months and trying then. That is a pretty bad score and you will havbe difficultly buying and pay huge interest rates.

Answer 6

you may not get any financing with a score that low