- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (4)
- Maria Avellaneda, "MAvellaneda"
- Contributions:255
What do you mean poor credit and why do you have poor credit will determine if someone wants to take the risk of lending you money. Today you need a minimum score of 640; sometimes more depending on the type of loan. You credit history is an inidication of how likely you are to repay your loan in full and in time. The question is, why is your credit bad? What do you mean by bad? Debt to income ratio? Spend less and pay off your debts. Keep credit cards at about 50% or less dont stop using one and charging another 100%. not sure why but this gives you extra points. Don't close any credit cards or lines of credit this decreases your debt to credit ratio. Review your credit report carefully and pay collections, write letters of explanation , etc.. Don'st ask for credit from any one as denials take points off and don't get into any more debts. It is crucial that you look into your situation and talk to a loan officer. There are many things that you can do to improve your credit rating and your situation. I worked with clients that didn't have a rating period and brought them to have a decent rating to buy in 4-6 months . This all depends in what situation have brought your credit down some can be improved in a few months others take longer; You can aslo try to get a cosigner that has a better situation to help you qualify. The cosigner needs to understand his resposibilities clearly. I work closely with several loan oficers that can tell you exactly what is wrong and what steps to take. So a loan officer is the way to go. . Definetely talk to a good loan officer. I can recommend one.
- Braudis Pegram, "braudis"
- Contributions:1
Depending on how poor the credit is and what the goals of the borrower are, if Conventional is not the solution, then Hard Money. koH Resources Inc can fit the bill in either case with a Commercial loan. You can also subscribe to our blog which will have info on REOs this week.
- Tracey Simms, "Tracey Simms"
- Contributions:82
There are lenders who work with lower credit scores. Of course the lower your score, the higher the interest rate you will receive. Many have programs that guide you in improving your credit scores so that you qualify for better rates. I have clients who have had their scores improve enough in just a few months to obtain a loan.
- Ken Kopper
- Contributions:1578
Do you know what your credit scores are? The perception of poor credit is very vague here and its tough to give a percise answer without more details regarding what you are trying to accomplish.
Yes, there are lenders that will work with borrowers with poor credit. Depending on the exact scores, the best option may be to work on credit repair to increase the scores to qualify for better terms.
Is there any mortgage lenders that will work with poor credit borrowers anymore??
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.