can anyone suggest a mortgage lender that will approve someone with a credit score in the MID 500's ?

Question

no down payment and the loan is 300k please anybody already have a house to but buyer has acepted offer just need the money

no the price is 280,000 not 300,000

Answer 1

No, don't do it! You'll have a very hard time paying off this mortgage if you get one.

Answer 2

I would say hold your horses a minute.. Taking a 2 or 3 months to try and fix your credit score a bit is going to save you a world of trouble... Don't be in a rush to buy a house if your financial legs are not stable. There are simple things you can do to try and get a much better score!

Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you


When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...

Your Credit Score is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.

I've got a lot of information on my blog about credit scores, and I get a lot of questions so feel free to check out any of my posts on millionster.com; I believe my articles here address many of your concerns but if they don't and you still have any specific questions feel free to leave a comment and I'll reply.

How Can I Increase My Credit Score
http://millionster.com/articles/debt/ask-1mil-how-can-i-increase-my-credit-score/

and

10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/

Also be sure to check out the promotional links I've listed here to help you get a better picture of your creditworthiness:

MyFico's Full Credit Report
http://millionster.com/go/myfico

Suze Orman's Credit Report Repair Kit
http://millionster.com/go/suzekit

30-day Trial of Credit Score Tracker with Free MyFico Score
http://millionster.com/go/fico30

Answer 3

No down and a credit score in the 500's, if by chance you do find someone willing to do this (which I doubt) you will be paying an interest rate that will not be supported by your income, that ans it will be an adjustable which will rise and make things even worse for you. Step back, slow down and improve your credit score first, then look for a home. You are headed for a downfall.

Answer 4

It depends on where you live. I know a broker that gave some great advice on how to raise my husband's score.

1. pay all extra money to debts to pay them down
2. if you pay a credit card off, don't close the account, it could help the debt to income ratio...and make your score rise.
3. live frugally, see what you can do without (e.g. premium channels, eating out, etc.)
4. pay all bills on time (this alone can raise your score)

These are some of the tips that I remember off the top of my head. I hope this helped! :)

Answer 5

Forget it !

To get this mortgage with such a credit score, you'll need a 50% + downpayment.

Answer 6

r u crazy?