Profile picture for jfreiley

550 CREDIT SCORE- NO OUTSTANDING DEBT AND HAVE 10% DOWN CAN I GET MORTGAGE?

  • October 04 2009 - Brookwood
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Answers (3)

Profile picture for Texas Banker

In TX, FHA is possible thru BOA retail channel with a minimum 5% down.

I am not sure in AL.

I guess you can ask them and find out. 

  • October 08 2009
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Unfortunately 550 is a bad credit score. While you are looking for a mortgage I would also like to suggest that you get a secured credit card asap and that you place as high of a security deposit as you can. In that way you will be able to raise your credit score above 650, which is not great but at least considered average.

When you get the secured card you do not need to use it. Just activate it and every month the card will report on all 3 major credit bureaus that you are in good standing.
  • October 08 2009
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Is 550 the middle score? If so 10% down may be a stretch unless you qualify for a VA or USDA loan. Conventional will not touch that score and LTV. FHA these days likes a score over 580. Hard money will not care about your score but the LTV will have to be lower than 70%.
  • October 04 2009
  • 0Yes

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