for a house if my crdit is low 500"s i have a steady job for over 7 years now,,i just had credit debt for a while thats y its low??but im close to being out of debt 6500 to go
2007-08-07 05:13:56 · 5 answers · asked by kcir926 2 in Business & Finance ➔ Renting & Real Estate
With todays market and the closing and bankruptcy of most subprime lenders, and now the money being cut off for Alt-A lenders sorry to say it but no, tis the reality, if you have a substantial down payment then you have a chance The bubble has burst, the credit has been tightened sorry but your chances at this point in time are zero to none.
2007-08-07 11:56:01 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
With a score that low you will find it very, very challenging, if possible at all, to find mortgage financing at this time. Wholesale lenders are dropping like flies, I was notified of 2 more in the lst 2 days which brings it to a total of 5 ( at least) in the last 2 weeks alone.
"A" paper investors are also tightening guidelines considerably. They are raising qualifying credit scores, decreasing the acceptable loan to value on products, and no longer accepting stated, no doc, NINA and SISA loan types with some making an exception for self employed borrowers.
The best thing you can do at this point is to maintain excellent credit and save some money. Keep a couple of accounts open but pay them off monthly so that you build your credit score, having no credit can be as challenging as having bad credit.
Let the markets settle down and give it some time. As things improve lenders will become more lenient.
2007-08-07 12:25:12 · answer #2 · answered by mazziatplay 5 · 2⤊ 0⤋
If you have a decent payment on your credit history and make enough money to qualify for the payments, then there is a decent chance you would qualify for an FHA loan.
Of course if you do have time to pay off some of your debt then your score could increase, qualifying you for a better loan and you would qualify for a larger loan since you wouldn't have as many debt payments.
2007-08-07 19:43:07 · answer #3 · answered by matzael 3 · 0⤊ 0⤋
Cindy you were doing good until you solicited business. You read he terms of usage?
You would obviously have no down payment and how will you pay closing cost on the loan. Your rate of interest could be as high as 15% even if, doubtful, you could get a loan.
Work on your scores you will get there!!
2007-08-07 12:24:41 · answer #4 · answered by Anonymous · 1⤊ 0⤋
With that score, look into an FHA loan first.
2007-08-07 12:25:18 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋