2007-08-15 13:47:10 · 5 answers · asked by NC 1 in Business & Finance ➔ Renting & Real Estate
Yes , if you pay cash .
No , if you need a loan .
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2007-08-15 13:52:17 · answer #1 · answered by kate 7 · 0⤊ 0⤋
With a 500 credit score, unless you have 20-30% to put down, you need to improve your credit before you buy.
Not sure if you have watched the news or not, but subprime loans are now on the endangered species list, and people that could buy before with a 500 credit score, have now been forced out of the market.
2007-08-15 21:16:23 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
It may be difficult to find a lender willing to give you a mortgage with a credit score of 500. However other things will be taken into consideration, such as your income and the amount of your downpayment. If these two factors are positive, then a bank may be willing to work with your 500 credit score. You will end up with a really high interest rate on the mortgage though.
2007-08-15 20:57:45 · answer #3 · answered by jenn c 1 · 1⤊ 0⤋
I have a couple of buyers that are working on getting a USDA guaranteed loan. These loans must be in rural areas and approved by the USDA. There must be legitimate reasons for the low credit score ie sickness, hospitalization etc. Ask a quality mortgage person to look into it for you.
2007-08-15 21:11:12 · answer #4 · answered by Free Thinker 6 · 0⤊ 0⤋
its not a good score at all.
2007-08-15 20:54:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋