mom_of_1
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I think you should work on your credit and managing your money before you decide to purchase a house. |
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nite_angelica
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With the housing market being what it is right now, you are never going to get approved with a credit score that low.
Not sure how much you make, but I just bought a house that is comparable to that. I make over $60k a year and have a credit score of 680 - I BARELY squeaked by.
I'm sorry, I'm just being honest. |
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lawmom
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With the mortgage industry in trouble the way it is now, there is NO WAY you are getting a mortgage with that credit score. Your old score no longer matters. What you have done since then is what counts. You need to find a place to rent and build your credit back up. Good luck! |
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_
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My credit was at 550 when I tried for a mortgage for $20,000 (mobile home). They denied me because:
1) I was 18
2) I had very little credit history
3) I had no money for a down payment
4) I was in credit card debt
My suggestions, wait until the housing market calms down, pay off your debt, pay your bills on time, and go back in two years. Something made your credit go down, find out, and fix it.
Even if you do get a bad credit loan, your interest rates will be rediculous and they'll want 20% down. |
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effin drunk
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These days, with the sub prime crisis? Not going to happen. |
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DAS
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Good luck !!!!!!!!!!!!!! |
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Club soda not seals
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It depends what your income is, but honestly with the way the economy is (and even if it wasn't this bad), I doubt anyone will give it to you. You may consider using a cosigner if you have one available, but that might not even work.
Save money and try to improve your credit by paying off old debts and not creating too many new ones.
Even if you could get approved by someone the interest rate would be through the roof. If you have had that severe of a drop in the past year that signifies you are not paying for things. If you can't pay for those things how do you expect to pay for a mortgage. |
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mwinterwolf2004
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Sorry, but these days, you MUST have a minimum credit score of at least 580 AND 3% down as a minimum down payment.
I would suggest a credit specialist NOT consumer credit counseling, but a credit specialist who can help you fix your credit. |
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mos p
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There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This lets you decide between both the varieties of mortgages.
Fixed mortgage rates use the current interest rate throughout the duration of the mortgage. If you want to pay a fixed amount every month, opt for fixed mortgage rates. Adjustable-rate mortgages vary according to economic scenario and hence can rise or fall. This means your monthly payments will vary as the interest rates change.
http://lower-your-debts.com/category/Mortgage-Rates.html |
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Stephen G
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Not a chance ................................. |
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lisab
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You would have to call different banks etc. to get a rate. With a low credit score and bad credit you will most likely get denied, or will have to pay a high intrest rate. The only thing that could save you is if you have at least 10% or more to put down.
With the market being bad as it is right now banks are not really willing to back someone.
You might also want to check your credit report for errors. You can go here for a free annual one with no worry about signing up for mointor service.https://www.annualcreditreport.com/cra/index.jsp |
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missmel
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I am in the same boat....if anyone gives you great, or even good advice....let me know. |
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cbmaclean
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Just excercise patience!!!! The prices will go down further, so dont get into a mortgage you cant afford.....
Or.....emphasize you will get paying roomates and give names and incomes of roommates....perhaps exaggerate your income, but it's not a good idea to be unrealistic what you can afford month to month.....that is wyh there is so many problems for sub-prime mortgages...
Banks in Canada need more to qualify but that is we dont have a total real estate meltdown like in the US..... |
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undertaker_46
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First you would have to have a bank that you go to for a while. Show them that you had good credit then try to explain your situation. In these hard times today it will be much harder to find a bank to take anymore risks, the best think to do is try to get someone else who is close to you, otherwise most banks today will charge you a high interest rate. Good luck! |
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Justin T
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Sorry to say, but this isn't the time to try to get loans with bad credit. That is what got the housing market in the difficult situation it is now. Not saying you are "part of the problem" just saying that unsecured loans or risky loans to people with bad credit. Then those people went into default after not making payments. Bankers now are being held to a very VERY tough guidelines when handing out loans. It is now not just a banking issue but has different gov't regulators coming in as well checking in on the banks loan process.
Good luck, I know not all bad credit scores mean defaulting on loans. I would try to build up your credit score before going for the loan. |
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lch123
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the way the market is right now, you will need to come up with A LOT of money down. I know that the Fannie Mae & Freddie Mac loan programs might be able to assist you. Get with a mortgage broker in your area and they will run your credit and tell you if they can get you a loan! |
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Nightcat
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If you have comcast. Then go to on demand and find the housing section and view homes in your area to buy. You can also try Craigs List and your weekly news papers. The internet is your best friend...It got all your answers. |
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Sweet Lilies & Lavender
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There are so many grant programs out there that help with this. Talk to a real estate agent....they can help you look in to these things. Bad credit means nothing.....dont let it scare you out of buying a home. |
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Stephanie
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What town do you live in? |
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