With a credit score of 600 and gross monthly income of $5000 will it be hard to get a $100,000 loan, anyone with any advice or any been in the same position please reply
2007-06-18 07:35:14 · 3 answers · asked by momma whitley 2 in Business & Finance ➔ Credit
That would also depend on your bills, and debt to credit ratio. INcrease your credit score by paying your bills in time, geet those credit cards down to 30% of there limit, do not close out any that you have paid off. Take a few months to do that specially the credit cards, your score will go up dramatically increasing you chances, and decreasing the interest rate you would pay, saving thousands over the lifetime, and the monthly payment of the loan
2007-06-18 07:41:35 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
I bought a house in Sept 2006 and my loan originator informed me that they dont even consider people for a home loan unless they have a 625 credit score or higher. I had a 725 and got a 185k fixed 30 year loan with 6.25% interest rate. Now my score is up to 740.
I guess my point is that you need to improve your score before you apply because even if you were to get a loan now (which is unlikely) you are going to have a high interest rate and you may have to get an arm.
2007-06-18 08:49:05 · answer #2 · answered by GAgirl 4 · 0⤊ 0⤋
Hi,
That shouldn't be too hard. Although there are other factors that will be taken into consideration. What is your DTI? What is the value of the home? I work for a mortgage company that brokers to over 200 lenders, if you would like to see some pricing just let me know...
Good luck!
2007-06-18 08:12:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋