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Additional Details
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takkeasha | My credit score is 563? |
CAN I GET A MORTGAGE? |
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pepe
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No impossible, but a challenge. FHA is your best bet and the Fed are making some great changes to the FHA program and worth looking at. Your debt to income ratio is important, job history and obviously how much you make for the price of the home. Go to your local bank -they are regulated more than a broker is-to get the best help. Besides a lot of brokers won't touch FHA. Have them run your credit and get a pre-approval then shop for a home. You can usually get a seller to cover your closing costs if your offer is fair and good for them also. :0) Good luck |
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Stephen B
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Yes. But as others said you will need a reasonably large downpayment (maybe 30%) and will have a pretty high interest rate.
If you a apply for a mortgage, BE CAREFUL to understand the costs of the mortgage, especially origination fees or fees that are added to the balance of your mortgage.
If you get an "adjustable rate" mortgage, BE VERY CAREFUL to understand the how your payments can change over time. You may be able to afford the current payment, but in a year or two they may be much higher. Make sure you understand any penalties if you prepay your mortgage early.
Do not borrow more than your can afford. Your mortgage payment (including property tax and homeowners insurance) should be no more than 30% of your pretax monthly income. Anymore and you run the risk that an unforseen expense (car repair, new water heater) can make it difficult for you to pay your mortgage.
Good luck. |
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Kimberly R
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Work on getting it up to a 580 and there will be a few more options for you! |
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Darren Meade
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Hello,
Yes you can qualify for a mortgage. The FHA program as others have mentioned is a very good program.
Lenders are not worried as much about the past as they are of your ability to repay the mortgage loan in the future.
Basically, if you've had credit problems in the past, the mortgage company will look at those problems and ask the following questions:
a.) How far in the past are your credit problems? (i.e.- if you had how to properly price your home and factor in market conditions on your credit card this year, you might not be able to obtain a loan)
b.) If your credit problem is in the past, is it likely to recur again?
c.) Is whatever it is that caused your credit problem gone, or is it still present today?
d.) How good is the probability that you will pay your bills faithfully every month from now on?
It's not a question of IF you qualify for a home loan; it's a matter of WHEN you can qualify. This is why you should apply no matter what your credit situation.
- Improve Your Score by Paying on Time
There is no substitution for paying your bills on time. Even if you have made payments late in the past, make every effort to pay on time every month, especially in the 12-month period leading up to your loan application. This can dramatically affect your credit score.
How Accurate is YOUR Credit Report?
Did you know that more than half of American adults have inaccurate or outdated information on their credit reports? These errors can cost you thousands of dollars and could even keep you from getting approved.
How much incorrect information appears on your report? It is imperative that you get a copy of your credit report as soon as possible so you can find out.
- Don't Touch Those Accounts
Old Accounts: If you have old, unused accounts on your credit report, don't close them before applying for your mortgage loan. One of the factors that affect your credit score is the ratio between your credit limits and how much you owe. Closing accounts will make this ration go up, which can severely impact your credit score.
New Accounts: Don't open any new accounts in the months preceding your mortgage loan application. New accounts can affect your credit score in a negative way for a number of reasons. The main reason is that every time you open an account, they are required to pull a copy of your credit report. If you pull a credit report too many times in a short period, this will make your credit score decline. Just say no to new accounts! |
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midnight star
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may be depend what do you do and and much you have for down payment |
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Property Manager
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563 is a pretty BAD score. There are mortgages out there for that, but the interest will be extremely high.
I would suggest you continue renting and clean up your credit, then go after a mortgage loan in a year or two.
The difference in interest, over the life of the loan will be staggering. |
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A Designer
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I agree with Pamela. Your credit score is only part of the overall info that a lender looks at... but your score is on the low end. You MIGHT be able to get a mortgage, but part of that depends on your debt to income ratio and it also depends on what they see in your credit history. If you have defaulted loans and a lot of stuff that went to collection, got zeroed out or that was over 120 days, you might have a really hard time finding anyone who will even loan you money in the first place. If you DO find someone who is willing to loan to you, like Pamela said, you're probably going to have to put a good chunk of money down AND you'll most likely have a nasty-high percentage rate. The good news? Usually, if you can pay responsibly for 6 months to a year, you could probably refinance your mortgage for a lower rate (if rates are lower than what you got) so that you can lower your payments a little.
Good luck. |
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cjshopboy
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Inquire with a mortgage lender about a program by the name of FHA if you are seeking a loan with a low downpayment. The down payment requirement is only 3% plus closing costs and is a potential solution for those with lower than average credit scores. |
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hithere2ya
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FHA rules allow you (assuming there is no negative items on your report) to qualify for a mortgage with your indicated score (actually down to 560) provided you meet other lending criteria, i.e. 2 yrs employment with the same employer or if new employment and you have a college degree the degree can be used as time on the job.
You should be able to get in with a 3% down payment, and go for a fixed rate loan because interest rates are heading up not down and now are at historic lows. On your purchase agreement ask the seller to pay your closing (typically 3% of the loan amount) and prepaid expenses (appraisal fee, flood cert fee, homeowners insurance and credit report fee), but not the fees disallowed by FHA as chargeable to the buyer (yes I know some lenders reading this will not like that) as the seller is not responsible for those fees and FHA feels they are fees not necesary to generate the loan so will not allow a buyer to pay them.
If you have outstanding balances showing deliquent get them paid or if they are not yours write a letter to the reporting agency and they have 30 days to verify or remove the negative reported items. If you have proof otherwise regarding negative reported items, send a copy of that with a letter and write the same letter with documantation to the lender as they want to lend money but need a reason, and the expectation that you will honor your loan obligation. A bankruptcy can be overcome in 2 yrs with no negative reports in between.
Hope this helps. I am not a lender but have originated loans and spent lots of time learning underwriting and assisting folks with applications. I never had one I helped declined. Lenders loved it when they had a buyer that was working with me, as we had all our homework done and was loan ready. You'd be amazed at the people that I helped who thought they'd never be able to buy a home. Just give the lender the truth and a good reason to lend. The truth always works and makes a better story. |
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Dan
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You have great answers already, so let me add my two cents. Credit is low but like others have said there is more to figure than credit. Debt to income and money down are the next questions a mortgage broker would need to know. If your DTI (debt to income) is over 50% and you have have no money down and have never owned a home before, chances are slim that you can get approved. If you have any money down (5%) and have owned a property in the last 2 years there is hope. I hope this helps you but if you have any further questions or need any help feel free to email me tadgeman@yahoo.com. |
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pamela_davis
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With a high interest rate maybe. You'll need a lot of money down. It also depends on your debt ratio. 563 is pretty low. |
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Lisa N
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Yes, you will probably have to put down a bigger down payment and pay a higher interest rate. Get a realtor, and they can help point you in the direction of mortgage companies.
Good luck! |
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