Can I get financing for a $140,000 home with credit score of 519?

Question

I've recently disputed several things on my credit report in addition to paying a few large loans completely off (ex; $25k student loan - paid in full). I also have enough money saved to provide a substantial deposit/downpayment.
I am a self-employed independent contractor.

Answer 1

Well it is possible but be careful of high APR percentages because I know for a fact here in Atlanta,GA alone they are throwing houses to the public like they are pennies falling from heaven.....lol. I say the best thing to do is begin your research and don't feel like you have to take what someone throws at you but don't be too modest as well. Research is the best answer for when you take it to the people and they look at your situation then you can move from there and also don't forget to pray!!! Good Luck!!!!

Answer 2

Anything is possible but with that credit score you will be facing very high interest rates. Being self-employed is not going to help your case either.

You're well into what is called "sub prime" territory and if you've been watching the news the past few weeks you'll note that sub prime lenders have been getting a lot of bad press as their loan portfolios are facing heavy foreclosures. Those that do survive the purge will most certainly be tightening their lending criteria. This will make it much harder for people with poor credit scores to get a loan at all..

Answer 3

I'd suggest working on improving your credit score first. How much of a down payment do you consider to be "substantial"? Please have at least 25% to put down and have money saved in an emergency fund (at least 3-6 months' of living expenses including mortgage payment).

If you can put down at least 20% plus closing cost, you'll be able to avoid PMI (private mortgage insurance). The more you can pay upfront the better (it's less risky to the lender).

Best of luck!

Answer 4

I am Mr Peterson Chris.I am a legitimate loan lender who gives out loans at low interest rate of 3%.Are you finacially down?Do you want to pay your bills?Is your credit score low?If yes,then you are in need of a loan.I deal with only honest people who are really in need of this loan.If interested contact me today with the loan of loan you need so that my loan terms and condition will be forwarded to you.You are to mail me or contact me through this email address

[e-mail]
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Answer 5

I'll never tell you that it's "great", but I will tell you that my time in the military opened alot of doors for me, and you don't even have to do it full time. A National Guard or Reserve soldier gets alot of the same perks as the Active Duty including the VA Housing Loan benefits!

I'll never tell you that it's "great", but I've got a house now.

- J.

Answer 6

You may need a co-signer or collateral.