Home Buying in Gibsonton>Question Details

Baybay63, Home Buyer in Gibsonton, FL

can I get a house with 560 credit score?

Asked by Baybay63, Gibsonton, FL Tue Jun 12, 2012

Help the community by answering this question:


You shouldn’t. Why bet against yourself? Credit scores are odds, they are probability figures that result from running your credit activity through a scoring matrix. A low credit score indicates you will not pay back a mortgage in a timely manner. Trying to take a short cut is just betting against yourself.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
1 vote Thank Flag Link Wed Jun 13, 2012
Yes, possibly, but you will pay LOAN SHARK (Hard Money Lender) rates and fees and also have to come up with a big downpayment, i.e. half.

Also be very careful because there are scammers that will tell you can get a "rent to own" or "lease option to buy" when in fact all you will end up doing is paying above market rental rates and have to make all the repairs (ie if A/C breaks etc) and then ultimately you will find out the house is getting foreclosed on because the owner owes more than it is worth and isn't making payments. Then you will have to allow Realtors trapsing through with their clients with minimal notice.



All the best,
Alma Kee
0 votes Thank Flag Link Wed Jun 13, 2012
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