I don' think most lenders will but if they do, it'll cost you an arm and a leg. Expect to pay a very high interest rate. If you can wait. You should take about 18 months and get your score above 620 and then you can really play ball. If not, just prepare for the financial beating of a lifetime.
I am fairly new in the mortgage business (loan officer) and I am yet to see a company that will give a decent -not great or good- deal if you have a credit score below 580. You will have an outrageous interest rate and prepayment penalties for 3 years, etc. 580 will not get you a good rate and 100% financing either. Shoot for mid 600 for a good rate and 720+ for 100% financing. You may be better off to partner with someone with good credit or get seller financing. Good luck.
DMAC -> I think mario's right... It's NOT impossible! Simply, more CREATIVE... Perhaps, you'd be better suited to "Subject To", "owner contract" or "owner carryback" types of deals...
(UPDATE YOUR PROFILES TOO! SO, we know where you're from ->CIty,State)
BUT, whatever you do... START BUILDING BETTER CREDIT TODAY!!! There are SEVERAL articles on this site regarding this... But, if you don't start today,tomorrow,next week.... You'll still be on this website 2 years, 4 years, 6 years..saying the same thing...
If you wait 'til next year...
You've lost between 5-??%(appreciation), if you rent (400-??? * 12 mos.)... Plus, you would have paid down your NOTE by (?? * 12mos) thereby, building equity (really, you would have just paid the 1st of many YEARS in interest)!
Whatever you do... We'd LOVE to hear your success'!!! And/Or failures.... Maybe, someone here can provide assistance....
try this: take $ 500.00 put it in a cd or a savings acount, use it for security to loan the same amount. Take the loan money to another bank and due it again. Three places should due the trick. as a previous post mentioned make sure the loan is for at least 6 months in length or it will not be reported to the credit burrows.
this will cost you a little to get the loans, and a little in interrest because the amount is not that high.
MAKE SURE YOU MAKE THE PAYMENTS ON TIME and after the 6 or 7 months try it again or you may conscider going back to each of the loan officers personally and trying to open new credit card accounts, you will have established a record with each of the institutions. that may weigh in your favor when conscidering the application. be honest with the loan officers and explain the purpose to reestablish your credit.
Second call all those credit cards and get them to raise your limits, this will automaticly raise your score. it will lower your dept to credit ratio ( you can do this every 6 months
I don' think most lenders will but if they do, it'll cost you an arm and a leg. Expect to pay a very high interest rate. If you can wait. You should take about 18 months and get your score above 620 and then you can really play ball. If not, just prepare for the financial beating of a lifetime.
I am fairly new in the mortgage business (loan officer) and I am yet to see a company that will give a decent -not great or good- deal if you have a credit score below 580. You will have an outrageous interest rate and prepayment penalties for 3 years, etc. 580 will not get you a good rate and 100% financing either. Shoot for mid 600 for a good rate and 720+ for 100% financing. You may be better off to partner with someone with good credit or get seller financing. Good luck.
DMAC -> I think mario's right... It's NOT impossible! Simply, more CREATIVE... Perhaps, you'd be better suited to "Subject To", "owner contract" or "owner carryback" types of deals...
(UPDATE YOUR PROFILES TOO! SO, we know where you're from ->CIty,State)
BUT, whatever you do... START BUILDING BETTER CREDIT TODAY!!! There are SEVERAL articles on this site regarding this... But, if you don't start today,tomorrow,next week.... You'll still be on this website 2 years, 4 years, 6 years..saying the same thing...
If you wait 'til next year...
You've lost between 5-??%(appreciation), if you rent (400-??? * 12 mos.)... Plus, you would have paid down your NOTE by (?? * 12mos) thereby, building equity (really, you would have just paid the 1st of many YEARS in interest)!
Whatever you do... We'd LOVE to hear your success'!!! And/Or failures.... Maybe, someone here can provide assistance....
Wish you the best!
try this: take $ 500.00 put it in a cd or a savings acount, use it for security to loan the same amount. Take the loan money to another bank and due it again. Three places should due the trick. as a previous post mentioned make sure the loan is for at least 6 months in length or it will not be reported to the credit burrows.
this will cost you a little to get the loans, and a little in interrest because the amount is not that high.
MAKE SURE YOU MAKE THE PAYMENTS ON TIME and after the 6 or 7 months try it again or you may conscider going back to each of the loan officers personally and trying to open new credit card accounts, you will have established a record with each of the institutions. that may weigh in your favor when conscidering the application. be honest with the loan officers and explain the purpose to reestablish your credit.
Second call all those credit cards and get them to raise your limits, this will automaticly raise your score. it will lower your dept to credit ratio ( you can do this every 6 months