Home Buying in 60155>Question Details

See 20/20, Home Buyer in 60155

Can I get a loan for $50k with a 500 Credit score?

Asked by See 20/20, 60155 Wed Sep 14, 2011

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Wells Fargo will do fha loans from above 500 with 10% down under some circumstances. More than likely you will need to improve your credit score. I would talk to a credit correction place. Try national credit care or realestatecso.
0 votes Thank Flag Link Thu Sep 15, 2011
Consider improving your score first; dispute any negatives, pay all bills on time, pay down debt, keep credit cards below 50%, etc.; as for the loan, you can try the bank you currently do business with, any smaller community banks, credit unions...
0 votes Thank Flag Link Wed Sep 14, 2011
It's unlikely....get with a local lender and get a plan to raise your score. A good Realtor can help you find someone who has a recovery program...usually you need a 600 to 620 for today's FHA...minimum. You might find a lender that can do a lower score for a larger down payment.

Good Luck
0 votes Thank Flag Link Wed Sep 14, 2011
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