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jacquefromtexas | My credit score is 420. What kind of interest rate can I hope for on a 40k mortgage? |
I'm calculating my approximate costs and could use a better idea of the interest.
Additional Details
"420 Sucks" I know. Thanks for pointing that out
Geez, you're a ray of sunshine.
At least I got 2 degrees in exchange for my bad credit. Most people with crappy credit have little to show for it. |
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angela_mac97
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I feel you! My credit score is 428!! HA! I went to try to trade in my car and put like $1500 with it, and couldn't get financed. Have you been preapproved? If you have enough cash to put down and stable employment, you probably can get a house, but with a high interest rate-like over 10%. Looks like you and I both need to work on our credit!HA! Everyone makes boo-boos and you had to get an education. At least the positive is that you got your education. You may not get your house right now, but if you can pay some of your debt off, and up your score a little-I heard they at least want a 550-and good is like 650 and above. There is a kit that you can buy at office depot/staples on how to repair your credit. It gives great advice and the addresses where you can argue and get some inquiries and other stuff off your credit-I have been working with it, and it helps. It brought my score up 20 points. (Not to say much!!! Still low). Also, I have started reading Dave Ramsey's financial peace planner and it is so full of great info!! There is no true free credit report-it's a gimic. Go to equifax.com and it cost between $10-$12 to get your report, but well worth it. I wish you luck on your house adventure, and my score sucks too girl!!! At least YOU have an education. |
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MortgageGuy
 |
Try worldSavings. They lend to people with no credit score, but you will need to come up with at least 30% down payment as I remember. I haven't used this lender for a while since most of my clients have good credit. I believe the interest rate is probably around 10% for your situation. Good luck. |
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Dan
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You'll be zapped with the highest rate going...and I hate to think about the down payment they will probably request. You need to work on that credit rating.
Hey...you asked the question! and got 3 legitimate answers. |
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rodbakeriii2
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Go to www.creditboards.com. They're a HUGE help in getting your scores up. I don't know of any lenders that will loan on a 420 score.
There are probably some immediate steps that will help you boost that score by quite a few points. Go to the site, REALLY study it, and work on your score.
A high credit rating will trump someone with a lot of cash any day of the week. You CAN get there! |
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adam nicehands
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hmmmmmmm |
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trade_info
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$40K mortgage on what price home? Look at property where the seller is willing to carry the mortgage and you will be able to negotiate a good mortgage rate. You could also just bite the bullet and take a high rate now. After a few years of good payments, you could refinance at lower rates by having built your credit back up. Also if you could wait awhile you could do some smaller financing of appliances or general credit items and build a record of ontime payments.
good luck ... make big bucks with the MBA |
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cyanne2ak
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Anywhere from 10-13%, depending on the company, the time frame of the mortgage (15 yr, 30 yr, etc.). I strongly suggest waiting 6 months, attending credit counseling, and raising your credit score. 420 sucks. |
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nikayw
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check www.freecreditreport.com you are entitle to 1 free credit report each year. Sorry but I don't even know that you can get a loan with that score. You may have to clean up your credit before you can get a loan. STAY AWAY FROM MORTGAGE BROKERS!!!! They will charge you to help you find a loan and it won't be the best! Try www.eloan.com They have the best rates and I have dealt with them and they are wonderful. Good luck. |
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Bender
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420 is an extremely low score. Are you sure you that's correct?
If so, then a new mortgage is not possible for you. Your best bet is to fix your credit, and take on an additional job if needed to help stay on top of your credit. After a year, re-evaluate. |
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