2007-10-11 10:45:28 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
you can with FHA, but there are only a few FHA lenders that does below 500.
You cant have any credit lates in the last 12months.....2years from chapter 7 and foreclosure, and 1yr from chapter 13.
2007-10-11 13:23:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You don't qualify if your score is below 500. Your score needs to be in the 500-579 range to get the lowest grade financing. According to your score you're way too big of a risk for banks. You'd probably have to make a 70-80% down payment to get potential financing. Other than a huge down payment, you don't have any other options other than paying cash in full.
2007-10-11 12:31:18 · answer #2 · answered by oceanpotion™ 3 · 0⤊ 0⤋
Do you live in the United States? I don't believe credit score can be that low. I think it starts at 650. If you are living in the US. I would say there is no chance for you to qualify a home loan. Because your score is showing very high risk for the lenders not getting their money back. Work on improved the score to 770 before you think about a home loan.
2007-10-11 11:00:27 · answer #3 · answered by Anonymous · 0⤊ 1⤋
If you were to apply on your own for a loan, you probably wouldn't qualify in today's environment (heard on the news about the sub-prime loans debacle).
You could pay cash for the entire amount.
Buy the house with a benefactor (friend or relative).
Use a site like www.circlelending.com and borrow the money from a relative.
Find a house with an assumable loan (e.g. current occupant has a VA loan) and pay them for their equity portion.
Find someone who really likes you and wants you to move in with them. Or move in with an elderly person and trade room and board for care, cleaning and cooking. Just might luck out and get the house when the person passes (worked for someone I know).
2007-10-11 11:00:23 · answer #4 · answered by Dave 3 · 0⤊ 0⤋
Pay cash. You aren't going to get a mortgage with that kind of credit score.
2007-10-11 11:52:11 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Maybe but your interest rate will be really really high.
You would be much better off renting for a few more years and trying to rebuild your credit score.
2007-10-11 10:53:10 · answer #6 · answered by Wayne Z 7 · 0⤊ 0⤋
Rent or Lease to own would be your best bet unless you have someone who would be willing to cosign that has great credit
2007-10-11 10:56:57 · answer #7 · answered by barcan 2 · 0⤊ 0⤋
squatters rights is an option
fridge boxes and a vast imagination can work wonders as well.
2007-10-11 11:23:54 · answer #8 · answered by drunkandbenevolent 2 · 0⤊ 0⤋
you can't without paying over 10% interest.
2007-10-12 05:15:04 · answer #9 · answered by Steve R 6 · 0⤊ 0⤋
Sound arguments here.
2016-08-26 02:34:09 · answer #10 · answered by ? 4 · 0⤊ 0⤋