I want to purchase a home without a co-signer on me and my wife. But our scores are small in the 560-600 is there a way to get a 600,000.00 loan without getting pounded with a high rise interest rate..
2007-07-31 10:04:55 · 8 answers · asked by acuraboy1978 2 in Business & Finance ➔ Renting & Real Estate
With scores like yours, there's no way to get that size loan even if you ARE willing to get pounded.
The bare minimum scores for getting mortgage approval these days are around 625. And you're asking for over a half million dollars yet ? Good luck.
2007-07-31 10:08:57 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
Probably not. But there probably is a way to get the loan AND get pounded with the hight interest rate. Talk to a conventional lender (i.e., the bank or a mortgage broker) and then try talking to some "harder money lenders." It's not always a fun process, but it's possible.
Now, the bigger question... DO YOU REALLY NEED A $600,000 HOUSE THAT YOU'RE HAVING TROUBLE QUALIFYING FOR!?!?!
Just a thought, no disrespect intended. :)
2007-07-31 17:10:05 · answer #2 · answered by Keep On Trucking 4 · 0⤊ 0⤋
Try a local bank, they may have specialized programs that do not fully really on those scores.
Washington Mutual used to have loans like that. But you may have to go with an adjustable rate.
Another option is a sub prime loan, but this may not meet your low interest rate parameter.
Also, you did not mention how much you are able to put for down payment...that impacts loan availabilty as well.
2007-07-31 17:13:48 · answer #3 · answered by me 3 · 0⤊ 0⤋
unfortunately, the answer is no. To qualify for the most competitive interst rates the middle score should beno lower than 620.
2007-07-31 17:09:13 · answer #4 · answered by mazziatplay 5 · 0⤊ 0⤋
What makes you think you can keep up the payments on a 600k loan? I wouldn't want it....
2007-07-31 17:17:21 · answer #5 · answered by ms_xian 5 · 0⤊ 0⤋
Beware of Advance fee Loan scams.
http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.shtm
my Advice: Don't deal with anyone from a foreign country and never use
wire transfer services.. you risk losing your $$ and your mind.
www.fraud.org
2007-07-31 17:08:18 · answer #6 · answered by Mr. Blue 4 · 0⤊ 1⤋
No. Not even with with a high interest rate, unless you have a sizeable downpayment, i.e. 20% or more down.
2007-07-31 18:30:43 · answer #7 · answered by Venita Peyton 6 · 0⤊ 0⤋
sure there is, if you are buying a 900,000 home and you are putting down 300K as a down payment.
2007-07-31 17:13:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋