i have a credit score of 471. is there any mortgage co that will finance me?

Answer 1

As you may or may not know it is very difficult to buy a house now for people with low credit scores (less than 700.) The stock markets are falling and companies are failing because they lent money to people who were not creditworthy at ridiculous rates they could not afford. So to be blunt you don't have a lot of opportunity now as it stands, but that's not to say there isn't hope.

First let me say that for you it may be cheaper and more financially sound for you to rent until you either get a better credit score or the housing economy improves again (which can take years). Fixing your credit score though won't take as long so focus on that for now.

So on to fixing your score..


Let me share with you my tips that 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

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

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 (also known as your MyFico 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..

Answer 2

You can probably refinance. I'd check first with the financial institution that holds your current mortgage as you have history with them and they will be more likely to overlook your slide in credit score. If they refuse or don't have as good rates, check around your city at the banks and credit unions and get some quotes. They don't charge you to get pre-approval or to consult with them. Make sure you read the fine print and know the pluses and minuses of re-finacing. Rates have gone up so it might be detrimental to re-finance instead of just keeping the status quo and paying down your other debts. There are also non-prifit places that can help with credit counselling (check your local social services office) that might have other options for you too.

Answer 3

If you have like 50-75% down.. maybe and thats a big maybe.

There use to be programs that dont check your credit. But they are few and far between these days. But those were like 45% down. Not a carry back, hard cash out of your pocket.

You might be able to go personal financing. Plan on 15 points and 15% interest rate. You will need probably 20-30% down for those.

Good Luck

Answer 4

Yale will still finance anyone who has 35% equity in the property, but the rate is high, and they use their own appraiser, so there's no inflation of the value. It's called hard equity. Yale and a few other companies still do it. They don't go off a credit score, just equity, and if you miss a couple payments, it's theirs. I would think very hard on this before you attempt to purchase with hard money. If you need to refinance, hard money is your only option with that score, but for a purchase, I'd get my score up before I started shopping, because you're going to be over 10.99 on an adjustable and paying major points up front.

Good luck.

Answer 5

After a hard divorce & bankruptcy, I was able to find an investor who purchased the house that I was wanting to buy, and worked out a "rent to buy" option. The payments that I paid to him was counted as a part of my "down payment" requirements by the mortgage company, and in 3 yrs was able to finance the house in which I rented/ wanted to buy in the first place. Only drawback was that the investor had to make his cut, and instead of paying the original selling price of $50,000, the investor got it for that price and I ended up paying $60,000. This WAS the perfect house and I wanted it bad enough that the extra $10,000 was no concern. Most investors if you ask them will report your payment history to the credit agencies, so that will increase your score also. Good Luck.....

Answer 6

That's a terrible score - but I assume you already know that. It's very unlikely that anyone will finance you for anything, let alone a purchase as large as a house.

And do yourself a favor and ignore the people who respond that they'll find you a loan. They'll take an upfront fee, not get you a loan, and you'll be even worse off by whatever fee you give them.

Concentrate on getting your credit score up (it will take awhile), THEN look for a house.

Answer 7

Your credit score is not good enough, but you could get mortgage with a higher rate than others.

Answer 8

You may be able to go FHA, if all derogatory credit has been taken care of and you've been good for the last 12 months.

Answer 9

damm i thought i had bad credit....lol...a friend of mine got financed with a fico of 490 something i beleive about a year ago, im not exactly sure how he did it but he did it , so i guess someone out there would

Answer 10

That's not wrong