Financing in 35150>Question Details

Kelly Honeyc…, Home Buyer in 35150

CAN I GET A HOME LOAN WITH BAD CREDIT 500 CREDIT SCORE, EMAIL KEL040468@AOL.COM

Asked by Kelly Honeycutt, 35150 Sat Feb 23, 2008

0 votes Share Flag Financing in 35150

Help the community by answering this question:

Answers

18
You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I am not sure about a 500 score you will probably need 10% down I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can!
4 votes Thank Flag Link Tue Jul 23, 2013
Correct me if I'm wrong, but you're really looking for a home. And if that's the case, there are many ways to purchase without a home loan...at least without getting one today. Lease-option, lease-purchase, subject to, contract for deed, wrap mortgage, seller financing, equity sharing, land contract, and more. None of these requires a new loan. None require bank approval. And some owners/sellers will be more particular about your credit than others will.

One point: Owners and investors will be more willing to excuse someone who has poor credit if they once had good credit, something happened to destroy their credit, but prospects are good for rebuilding that credit. Owners and investors won't excuse someone who habitually has poor credit...the classic "deadbeat." If you fall into the first category, your chances of purchasing are reasonable. If they fall into the second, your chances are very poor.

Hope that helps.
2 votes Thank Flag Link Sat Feb 23, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
YES YOU CAN!!! My company is the largest FHA lender in the country and can still do down to 500 credit scores on purchases and refinances. This is not a joke. Most brokers are limited right now to minimum 600 credits scores, but we are not. We are one of the largest company's in New York and we are making things happen. Please call me at 631-944-6800 xt. 1540 or write at jjohnson@lendamerica.com. My name is Jake Johnson and I've been a loan officer for 7 years. YES YOU CAN!!
1 vote Thank Flag Link Wed Feb 18, 2009
Can you email me: jaclynvbazsika@gmail.com
Flag Mon Dec 22, 2014
Do you do just in New York what about in Missouri
Flag Thu Dec 4, 2014
am looking on purschase a home please help you can reach me at sarahdowney0666@hotmail.com and my credit score is 540
Flag Mon Jun 17, 2013
Are you still doing loans this year?
Flag Mon May 20, 2013
my credit score is like 574 where cani get a loans of $25,000 to purchase a home
Flag Tue May 8, 2012
Most of the lenders I'm currently working with want a 620 or higher for a 100% loan. If you have money to put down, some of them are willing to accept lower scores, but I think that may be a stretch at 500.

This does not mean you are completely out of the market. Some sellers are willing to do a lease with option to buy or owner financing, but will most likely require money down or an "option fee" up front.
1 vote Thank Flag Link Mon Feb 25, 2008
There are loan programs such as FHA which are not credit based. Please do more research before and be sure the people you are getting advice from truly know Real Estate as provided on this site. The best advice for you has already been given, speak to a mortgage professional. Keep in mind, having a credit score that low will make it more difficult and more costly to borrow money.
Web Reference: http://www.c21infinity.com
1 vote Thank Flag Link Sun Feb 24, 2008
The short answer is no, you can't. Lenders are taking a bath on loans that they gave to people to bad credit. A 500 score is about as bad as it gets..not trying to burst your bubble, it's the truth.
You need to work to get that score up, which is easy to do. My first question from a loan officers stance would be why is that low? Non-payment, lates, high balances, what?
Find an LO, or credit repair agency, that can help you work on getting it up.
1 vote Thank Flag Link Sat Feb 23, 2008
Hi, I have a score of 560 and its from students loans and some medical bills, I am working on my score and have made payments towards my students loans. How would I find the right lender to buy a house? I tried everything. I make a Lil over 56,000 a year that's not including my lawn service business and my rental house. Thanks in advance for your input.
Flag Tue Nov 5, 2013
I don't think so, however if you contact a Mortgage Professional most will give you advice on how to improve your credit score. You must listen and follow through.
1 vote Thank Flag Link Sat Feb 23, 2008
Good day Loan Seekers Solution for your financial problems, We are a fully registered and certified loan firm, that offers secured and unsecured loans to individuals and companies at a very low interest rate of 2%. We offer long and short term loans.Our company has recorded a lot of breakthroughs in the provision of first class financial services to our clients, especially in the area of Loan syndication and capital provision for individuals and companies. We have brought ailing industries back to life and we back good business ideas by providing funds for their up start. We have a network of Investors that are willing to provide funds of whatever amount to individuals and organizations to start business and operations.We are a group of energetic and experienced loan professionals with thorough knowledge of financial markets.In general we offer mortgages, home loans business loans and bad credit loans commercial loans, start-up- working capital loans, construction loans ,car loans, hotel loans, are you in need of any type of loan why don't you try Mr Raj Thomas and be free from financial problem Our interest rate is 2% per annual repaid, our loan takes a maximum of 24 working hours,to get to all approved customers across the globe.You can contact us via Email: (rajthomasloanfirm@gmail.com)
0 votes Thank Flag Link Sat Feb 21, 2015
Good day Loan Seekers Solution for your financial problems, We are a fully registered and certified loan firm, that offers secured and unsecured loans to individuals and companies at a very low interest rate of 2%. We offer long and short term loans.Our company has recorded a lot of breakthroughs in the provision of first class financial services to our clients, especially in the area of Loan syndication and capital provision for individuals and companies. We have brought ailing industries back to life and we back good business ideas by providing funds for their up start. We have a network of Investors that are willing to provide funds of whatever amount to individuals and organizations to start business and operations.We are a group of energetic and experienced loan professionals with thorough knowledge of financial markets.In general we offer mortgages, home loans business loans and bad credit loans commercial loans, start-up- working capital loans, construction loans ,car loans, hotel loans, are you in need of any type of loan why don't you try Mr Raj Thomas and be free from financial problem Our interest rate is 2% per annual repaid, our loan takes a maximum of 24 working hours,to get to all approved customers across the globe.You can contact us via Email: (rajthomasloanfirm@gmail.com)
0 votes Thank Flag Link Sat Feb 21, 2015
Do you need 100% Finance? I can service your financial need with less pay back problem that is why we fund you for just 3%. Whatever your circumstances, self employed, retired, have a poor credit rating, we could help. Flexible repayment over 3 to 20 years.Contact us at:miriamfavourloans@gmail.com

Apply now for all kinds of loans and get money urgently!

* Appointments in the amount ranging from $1,000 to $50,000, 000.00
* The interest rate is at 3%
* Choose between 1 and 40 years of repayment.
* Choose between Monthly and annual repayment plan.
* Terms and conditions of the loans flexibility.

All these plans and more, please contact us.
1. Full Names:............................
2. Contact Address:.......................
3. Loan Amount Needed:....................
4. Duration of the Loan...................
5. Direct Telephone Number:...............
6.Loan Duration:..........................
Email:(miriamfavourloans@gmail.com)
Best Regards,
Mr Miriam Favour
0 votes Thank Flag Link Sat Feb 14, 2015
AFFORDABLE LOAN NOW AVAILABLE @ ICC Mortgage And financial Services, Is a sincere and certified private Loan company approved by the Government, we give out international and local loans to all countries in the world,Amount given out $2,500 to $100,000,000 Dollars, Euro and Pounds.We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with
a negotiable duration.

Available now

MORTGAGE, PERSONAL, TRAVEL, STUDENT, EXPANSION OF BUSINESS AND NEW UNSECURED, SECURE, CONSOLIDATE
Apply for a loan today with your loan amount and duration, Its Easy and fast to get. 4% interest rates and monthly installment payments.

FOR MORE INFORMATION:

Mr.John Sewell
Email: johnsewell166@gmail.com
0 votes Thank Flag Link Mon Nov 10, 2014
AFFORDABLE LOAN NOW AVAILABLE @ ICC Mortgage And financial Services, Is a sincere and certified private Loan company
approved by the Government, we give out international and local loans to all countries in the world,Amount given out

$2,500 to $100,000,000 Dollars, Euro and Pounds.

We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with
a negotiable duration.

Available now


MORTGAGE, PERSONAL, TRAVEL, STUDENT, EXPANSION OF BUSINESS AND NEW UNSECURED, SECURE, CONSOLIDATE

Apply for a loan today with your loan amount and duration, Its Easy and fast to get. 4% interest rates and monthly installment payments.

FOR MORE INFORMATION:

Joseph Veselak
Email: josephvlak@gmail.com
phone# :(646) 580-4839
0 votes Thank Flag Link Thu Aug 21, 2014
DO NOT REPLY TO THIS
My name is Joseph Veselak, the real Joseph Veselak. The individual who posted this is a Nigerian scam artist who has used the aliases Robert Linzer, Gary Cole, and Eric Jones. I am a real loan officer who works for a licensed mortgage company that this individual has used to scam people under the premise that they will get a loan if they fill out an "application" and send a "downpayment" via Western Union to an individual in a different state. DO NOT FALL FOR IT, ANYONE WHO ASKS FOR A DEPOSIT TO GET A LOAN IS A SCAM! If you ever have any doubts regarding trusting a bank or loan company contact the Consumer Protection Financial Bureau at http://www.consumerfinance.gov/
Flag Thu Sep 11, 2014
ICC Mortgage And financial Services, Is a sincere and certified private Loan company approved by the Government, we give out international and local loans to all countries in the world,Amount given out $2,500 to $100,000,000 Dollars, Euro and Pounds.

We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with a negotiable duration.

Available now


MORTGAGE, PERSONAL, TRAVEL, STUDENT, EXPANSION OF BUSINESS AND NEW UNSECURED, SECURE, CONSOLIDATE

AND MORE
Available now..

Apply for a loan today with your loan amount and duration, Its Easy and fast to get. 4% interest rates and monthly installment payments.

robertinc.linzer@gmail.com

Regards
Gary Cole
(646) 580-4839
0 votes Thank Flag Link Sat Jul 5, 2014
DO NOT REPLY TO THIS
My name is Joseph Veselak, the real Joseph Veselak. The individual who posted this is a Nigerian scam artist who has used the aliases Robert Linzer, Gary Cole, and Eric Jones. I am a real loan officer who works for a licensed mortgage company that this individual has used to scam people under the premise that they will get a loan if they fill out an "application" and send a "downpayment" via Western Union to an individual in a different state. DO NOT FALL FOR IT, ANYONE WHO ASKS FOR A DEPOSIT TO GET A LOAN IS A SCAM! If you ever have any doubts regarding trusting a bank or loan company contact the Consumer Protection Financial Bureau at http://www.consumerfinance.gov/
Flag Thu Sep 11, 2014
Good morning Kelly,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Aug 14, 2013
So basically you're saying, pay a huge rent for years and struggle to pay past debt off accrued from predatory lenders rather than paying a much smaller mortgage payment on something a person could pay down, build equity while allowing extra money to slowly pay off previous bad credit?is that what you're saying?What's wrong with simply having more money down and or more equity to offset the bad credit?you know that hundreds of thousands of people were affected by the financial crunch, they're not criminals you know.
Flag Sat Sep 6, 2014
I want a home but i have 530 credit. I want home now i found one great for me and family.
0 votes Thank Flag Link Wed Aug 14, 2013
We currently live in Missouri, but we are considering moving to the Birmingham Metro area. We want a home loan, but our credit is about 600. We do have a VA loan certificate, but we don't qualify due to some medical collections. We are working with someone to improve our credit, he said to give him 45 days to help get the score up. We want help from someone who knows exactly what they are doing. For example a Loan broker and/or officer. Please contact me at kentoni1@yahoo.com
0 votes Thank Flag Link Mon Jul 15, 2013
Nisha, I'm looking for a mortgage companies in Alabama to help with buying my first home, my credit is fair, but I'm willing to work on improving it, Email tynishamccoy1@gmail.com
0 votes Thank Flag Link Fri Jun 14, 2013
From the below answers I have previewed, you are receiving good advise. I have a mortgage banker who I send quite a bit of clients with situations such as yours, with a few "Blemishes" Normally these can be fix'd / repaired with the Effort coming from you. It's best to consult with a good mortgage banker who can give you a good idea what is needed to attend to your situation, and in the meantime, as mentioned below, consider doing a Lease Option to buy while going through this. I must foreward you that I advise my clients (sellers) when considering a Lease Option that they should get a down payment (non - refundable) because in cases like Lease Purchases you need to be committed to the purchase and the best way for that is to be invested in the property. But you should be motivated if going this route. Also you purchase the home under a Lease Purchase at full listing price. So start with the basics, get your free credit reports and start doing your homework, also when you get a chance see Dave Ramsey's website
he has lots of experience assisting people with Credit or Blemishes as I like to call them. You can do it!
All the best to your future. John and Linda Cramer 251-599-5799
Web Reference: http://www.cramerteam.com
0 votes Thank Flag Link Tue Mar 11, 2008
AFFORDABLE LOAN NOW AVAILABLE @ ICC Mortgage And financial Services, Is a sincere and certified private Loan company approved by the Government, we give out international and local loans to all countries in the world,Amount given out $2,500 to $100,000,000 Dollars, Euro and Pounds.We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with
a negotiable duration.

Available now

MORTGAGE, PERSONAL, TRAVEL, STUDENT, EXPANSION OF BUSINESS AND NEW UNSECURED, SECURE, CONSOLIDATE
Apply for a loan today with your loan amount and duration, Its Easy and fast to get. 4% interest rates and monthly installment payments.

FOR MORE INFORMATION:

Mr.John Sewell
Email: johnsewell166@gmail.com
Flag Mon Nov 10, 2014
Dave Ramsey and Cornerstone are full of crap.
Flag Sat Jun 23, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer