Changlafam, Home Buyer in Woodland Hills, CA

our credit scores are around 500s can we still get a loan with a decent rate with a co-signer with a great credit?

Asked by Changlafam, Woodland Hills, CA Sun Nov 28, 2010

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5
Kevin Dibben’s answer
Hello, Some FHA lenders have just announced they will make loans for borrowers who have FICO scores as low as 580. A 10% down payment is required. I know a great loan officer in Calabasas who can counsel you to get your scores up and set you on the path to homeownership. Please feel free to contact me.
Kevin
0 votes Thank Flag Link Tue Mar 1, 2011
You might try looking into a hard money or private loan. Interest rate will be higher and you will have to put down a minimum of 25% I believe.

Good luck.

Sara Mehrpouyan
Woodland Hills Ca Real Estate
Rodeo Realty
818-903-2040
Dre 01712757
0 votes Thank Flag Link Wed Jan 12, 2011
Why are your scores in the 500s? Do you have late payments, judgments or open collection accounts? If you have not shown you know how to pay bills don't expect to get a mortgage. If you have alot of student loans that have balances higher then you started with then you will be able to get a mortgage (if you have the income).
Alot depends on you, so I would suggest you consult an experienced loan officer.
0 votes Thank Flag Link Mon Nov 29, 2010
Without knowing overall financials, etc., consider visiting with any qualified loan officer(s)--after reviewing your file, he/she can make a determination as to qualification--your loan officer may also have great suggestions as to how to improve your credit in the fastest time--then go from there.
0 votes Thank Flag Link Mon Nov 29, 2010
Your bets bet is going to be to meet with a local and trusted loan officer, they can look at yoru financials and credit and let you know if you quailify for any mortgage snow or what you will have to do in order to get quailified in teh future.

Please see my blog with some tips and advice on getting a mortgage
0 votes Thank Flag Link Mon Nov 29, 2010
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