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I have a credit score of only 480 is it still possible to get a home loan

my credit is only a 480 i am trying to sell my double wide trailor  and buy a new one if i trade it in on a new one can i get a loan with the score so low
  • October 17 2013 - Taylor
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Answers (4)

No but there are multiple credit repair services that will assist you with improving your score.
  • October 18 2013
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Janet,

What is it that is causing your score to be low?  Have you missed any payments recently on your credit cards, mortgage?  Has there been account that have recently been sent to a collection agency and that is why your credit score is low?  I suggest you talk to a loan officer who works with a reputable credit repair agency.  It may take some time depending on what is causing your score to be low and some work on your end to improve your scores.

Let me know if I can be of further help.

Thanks
  • October 18 2013
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Generally most lenders on traditional loans will require your middle score to be a 620 or greater to consider anything.  They look at all three score and wipe out the top and bottom score.
If you have some cash to put down, you may be able to go an owner finance route if you can find the right place and seller
  • October 18 2013
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Profile picture for frankiea954
Hi Janet,
The only way would be to do a hard money loan (which I wouldn't recommend) and would require upwards of a 25% down payment along with outrageous upfront costs, and extremely high interest (10-15% usually). What I would recommend for you to do is to get in touch with a very good mortgage broker. They can sometimes point you in the direction of either how to fix your credit extremely fast, or possibly refer you to a good credit repair company (the good ones are hard to find. Good luck! :)
 
  • October 17 2013
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