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Answers (6)
- Jose Smith Jr, "LB HB REALTOR"
- Contributions:140
All wonderful answers so far to the question. When I was a Loan Officer a few years ago, I would immediately try to improve the Clients fico score when it looked low. There are many Loan Officers that have wonderful strategies to increase your score. Although you might be approved with a lower score, the interest rate might be painful. Perhaps the savings amount you have could be applied to removing unwanted marks on your credit. I had no cost ways of improving the score. We also had models to use that would analyze your score and suggest ways to quickly improve it. For example, you might write a check to an old creditor and write in the comments section "this is a negotiable instrument, by cashing this check you agree to remove this item from my credit report". Photocopy the check before sending so that you can use it to dispute later if neccessary. Sometimes I had clients with 50 dollar unpaid bills that were settled quickly this way. Then your Loan Officer can do a "rapid rescore" with the credit company they use to pull your score and your solid. A better fico is so much better in saving you money in the long run. Contact a good Loan Officer who has time to work with you. Good luck.
- Steven Pacchiano, "NY Broker"
- Contributions:313
yea deff give a call to a mortgage broker in your area. But that credit score will make it unlikely to get a loan.
- wetdawgs
- Contributions:26833
Your credit score is way too low to get responses on this website (or probably from any lender but "Bank of Mom". Perhaps it is time to start understanding why the score is so low, taking corrective actions and moving it up.
- Ryan Halset, "RyanHalset"
- Contributions:730
A lot of lenders don't do loans under $50k or with a credit score that low. You may want to go to a local credit union or a "portfolio lender" (a bank that lends their own money) for this.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
I suggest that you discuss this issue with a mortgage broker. There are too many aspects to a financial profile to discuss them in an open forum such as this one. Even if you cannot buy right now, a mortgage broker will guide you as to what you need to do to improve your credit. Good luck!
- Dan, "the_country_hick"
- Contributions:4699
The fico score most need is 620. Some are higher. The poorest score I have seen as acceptable is 580. You are below that.
There is hope, but probably not for awhile. You do not get that low a fico score without making some expensive mistakes. Lenders know this. They would see you as a credit risk.
If it was me I would talk to a local lender who also works with credit repair. See if there is anything you can do to improve your score. It could be fairly quick, take several months, or be years to fix depending on your individual circumstances.
The $3,000 is 10% down. That should work with a FHA loan. They only need a 3.5% down.
There is another factor to consider. Houses break down. They need repairs. With your cash supply and credit history what would you do if the furnace died, the roof leaked, or something else expensive (like plumbing or electric) died? How could you afford to fix such a problem?
There is hope, but probably not for awhile. You do not get that low a fico score without making some expensive mistakes. Lenders know this. They would see you as a credit risk.
If it was me I would talk to a local lender who also works with credit repair. See if there is anything you can do to improve your score. It could be fairly quick, take several months, or be years to fix depending on your individual circumstances.
The $3,000 is 10% down. That should work with a FHA loan. They only need a 3.5% down.
There is another factor to consider. Houses break down. They need repairs. With your cash supply and credit history what would you do if the furnace died, the roof leaked, or something else expensive (like plumbing or electric) died? How could you afford to fix such a problem?
My credit score is 565, I want a house for $30,000, I have $300 down. Is there help for me?
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