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Answers (14)
- RonRa
- Contributions:9
I think the question is not whether you can get a loan, but SHOULD you get a loan? We all just paid a huge price in this country (and are still paying it) as a result of a lot of people purchasing homes who had no business doing so. They had poor credit and no money down. Sound familiar? My recommendation is that you spend the next couple of years or more renting, paying your bills to build up his credit score, and most importantly, save some sort of down payment (at least 10% of purchase price). I think you will be happier with your purchase in the end knowing that you did it the right way.
- Gwen Janicki, "StrictlyMainLine"
- Contributions:96
That score on its own will be tough to get approved with zero down.
But don't let that keep you down from doing some things that might
get you approved.
Get a full credit report from all 3 credit bureaus. There might be things
that could be corrected on your credit report in days or weeks. Sometimes
a report might say you have a collection account just recently and if
you have proof / or work it out with the agency that agrees to delete the
item once paid then your score can jump significantly.
Additionally, there are VA and other programs that might help. Seeing that
you wrote in July and hopefully had no credit issues since then your score
most likely has risen since 7 months ago. When looking into a mortgage person be sure they are NMLS licensed as the mortgage industry has gone through new regulations and requiring some to get re certified.
- Fran Harrell, "lawtonrealestate"
- Contributions:18
Good evening. My name is Fran Harrell, Associate Broker, Realtor in the Lawton/ Fort Sill area. I will be glad to lead you in the right direction to build your credit score. There are loan programs out there with 100% financing such as VA loans and Rural Development. I can easily be reached at; [Contact info removed by moderator]
- Belinda Singh, "westcoastrealtor"
- Contributions:182
Probably not at this time. Work on getting your credit score up by paying down and paying off debt.
- Steven G. Hinton
- Contributions:98
It would require an extremely unique set of circumstances. Seems like the only possibility would be some version of owner financing from a desperate seller.
Building your credit and saving a down payment is much more realistic.
Building your credit and saving a down payment is much more realistic.
- Ed O'Connor, "Ed OConnor"
- Contributions:60
Good advice by all. The credit score and down payment as stated are very important in securing a loan. Sitting down with a loan officer, financial planner, or someone you can trust will help get you started on building your credit back up and also give you time for a down payment.
- AJ Agarwal
- Contributions:59
It would be extremely hard to buy a home with that low of a credit score and with no down payment. If I was you I'd strengthen your credit score and save up some money for a down payment. Hope this helps!
- Nathan Perz, "NathanPerz"
- Contributions:61
I wouldn't think so. I would be very wary of a lender who would loan under those conditions...
- joel lobb, "kentucky home loan"
- Contributions:21
You will need to get your score up to 640 to go VA now. You can access your credit score info for free once a year now at www.annualcreditreport.com
For more info about credit scores go to www.myfico.com
Good Luck
For more info about credit scores go to www.myfico.com
Good Luck
- Connie Jurey - Realtor/ASP, "gigihouse"
- Contributions:137
We have a program for people with low credit scores. The program is not necessarily based on scores. It's for low income households. Contact me right away for more details on the program! We closed a home on November 5th for a family of 3. Only one bread winner. They were able to buy a brand new home, no money down, no PMI. The payments are $551 per month! Let's see if it can work for you!!!
- Ofe Polack, "Ofe Polack"
- Contributions:1416
I suggest that you go to a lender and sit down with the lender to plan for the future.
- wetdawgs
- Contributions:26791
Sorry to deflate your dream, but you are thinking about the lending climate of 2003-2005! What you are describing in a renter's scenario (and even then you need a deposit)
If your husband's credit score is so low, the two of you need to work to understand why and take corrective action. How about your credit score?
Start saving a downpayment. While a VA loan or USDA loan may allow you zero down, having your own money in the deal is a major sign of success. Also, be aware homes have costs that one does not incur while renting. Repairs are now on your financial shoulders.
If your husband's credit score is so low, the two of you need to work to understand why and take corrective action. How about your credit score?
Start saving a downpayment. While a VA loan or USDA loan may allow you zero down, having your own money in the deal is a major sign of success. Also, be aware homes have costs that one does not incur while renting. Repairs are now on your financial shoulders.
- James Callas, "ABBAUSA"
- Contributions:957
Some of the time you have to be patient as you build your credit score back up.
It is a gradual process and the number one thing is to pay all your regular recurring debts back on time.
Save some from every pay source and set it aside for your down-payment and closing cost.
Give it some time and pick a Realtor© who can help you find a lender that will work with you.
In no time at all you will have that home you have been planning and saving for.
Good Luck!
James Callas - Realtor®
It is a gradual process and the number one thing is to pay all your regular recurring debts back on time.
Save some from every pay source and set it aside for your down-payment and closing cost.
Give it some time and pick a Realtor© who can help you find a lender that will work with you.
In no time at all you will have that home you have been planning and saving for.
Good Luck!
James Callas - Realtor®
- Shannon Thomas, "sthomasrealestate"
- Contributions:218
I know the rural 0 down loans require 620.
A credit score greater than 680 is preferred. If your credit score is below 620 you cannot have:
- No Foreclosure in past 36 months.
- No Bankruptcy discharged within 36 months.
- More than one 30 day late on consumer debts in past 12 months.
- Accounts converted to collections within past 12 months.
- Tax liens or delinquent government debts (including student loans).
- Judgments outstanding in past 12 months.
- Outstanding collection accounts.
- Two or more late rent payments in past 12 months
Can I get a home loan with a 589 credit score and no money down?
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