my credit score is 507 and my husbands is 487 is it possible to find a loan for a house
2007-08-27 08:57:54 · 10 answers · asked by crystal s 2 in Business & Finance ➔ Credit
Both of the last answers are mostly correct. It will be very difficult to get a mortgage with these scores, and I'd be careful about the person/company that does offer you one. There are NUMEROUS reasons why you may want to wait. You definitely want to take a few months to repair your scores and also save for a down payment. Both of these factors will substaintially reduce the interest rate you will be paying on the loan when you get it.
Keep in mind that the bank is actually telling you something when you get denied or charged an outrageous rate...basically they're telling you that you're a huge risk of not paying.
There has to be some reason that your scores are that low in the first place so don't stretch yourself with a payment you can't make. Debt causes a vicious cycle....by being a higher risk of default, they charge you a higher rate, in turn that higher rate makes your payment much higher and only earns the bank more money. The poor getting poorer cliche. Speak to professionals for additional help.
2007-08-27 09:11:47 · answer #1 · answered by CSUflyer 3 · 0⤊ 0⤋
507 Credit Score
2017-01-13 08:11:06 · answer #2 · answered by few 4 · 0⤊ 0⤋
It's not impossible. While there is no more subprime lending, FHA has rapidly become the new subprime. It doesn't really matter what your credit score is. What does matter is your ability to repay the loan. You must be able to show enough income to support the loan.
Further, an FHA loan looks at the overall condition of the property you want to buy, so if you're thinking of a fixer-upper forget it!
More to the point, Why is your credit score so low? It may be a good time to evaluate your spending vs. income before you commit to a mortgage. It's a big step that far to many people jump into without due consideration. Please proceed with caution.
2007-08-27 09:24:41 · answer #3 · answered by loancareer 3 · 1⤊ 0⤋
possible - yes (hard money lender)
likely - no
Do you have money to put down? Is there a good reason your score is so low? Are you coming into a money soon? These reasons will allow you to get a "hard money" loan, loan by private investors, but their must be valid reasons.
I financed a woman with a 489 credit score through a hard money lender. It wasn't easy, she got an 11% interest rate, but she was coming into money within 2 years.
You would be better off paying 500 - 1000 dollars to a credit repair service, or doing it yourself for that matter, and holding off and getting the loan 6 months from now.
2007-08-27 10:10:47 · answer #4 · answered by Thomas K 3 · 0⤊ 0⤋
You need to check out this video on how to increase your credit score by using a 100% legal loophole. Here is the video URL: http://www.creditscoresecret.org
I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!
2014-09-11 23:32:11 · answer #5 · answered by VANDERPLOEG 1 · 0⤊ 0⤋
Subprime market is gone which is where you fit in Alt-A is almost there and Prime had become tough. If you have 20% to put down plus closing costs you have a chance if not, no not really credit is that tight. Recommend you clean up your credit first then worry about buying a house
2007-08-27 11:26:50 · answer #6 · answered by Pengy 7 · 1⤊ 0⤋
Truly? It's doubtful.
There are ways to Manage your FICO score to aid you. A friend of mine raised her credit score from 670 to 701 in about 8 months by managing her fico a bit. I'm about to do the same thing she did to try to bump my 577 up some.
Best thing you can probably do for yourselves is to open an account with you bank and take a secured credit card out against it. Keep up with the payments (spend 10-25% of the limit every month and then pay it off immediately) and your credit scroes will jump up.
2007-08-27 09:10:08 · answer #7 · answered by saberhilt 4 · 0⤊ 1⤋
SCAM WARNING; BEWARE OF THE ADVANCE FEE SCAM. Never send $ upfront via western union,money gram,wire/bank transfer to NIGERIA,UK,CANADA or any foreign country in hopes of getting a loan .If they want upfront fees IT'S 100% a SCAM!!!! STAY-AWAY from ALL internet lenders wanting up front fees THEY ARE SCAM ARTISTS. Go to http://www.ripoffreport.com and http://www.scam.com for more internet scams on internet. REPORT these frauds to the IC3 division of the FBI, ATTY. GENERALS office,FTC, and to sites above. Don't be a victim of these scams."BEWARE,BEWARE,BEWARE"!!!!!!
2007-08-27 13:33:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋
No. If someone offers you one, be very on guard, it's likely they are trying to scam you out of an "application fee", then you won't get the loan.
2007-08-27 09:03:09 · answer #9 · answered by Judy 7 · 0⤊ 1⤋
no they smarter than that ,
2007-08-27 09:11:10 · answer #10 · answered by ? 2 · 0⤊ 0⤋