I have a 507 credit score. I would like to finance 12000 for a house. I have 20% down. can I get financed?

Asked by Bob, 74884 Fri Jan 7, 2011

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6
Michael Cline, , Chicago, IL
Fri Jan 14, 2011
Bob,

Unfortunately with a score that low, nobody's going to give you a traditional mortgage loan....period. If you really want a $12,000 house you should either pay cash or find a "hard money" lender. Sorry, but I don't want to sugar coat the truth. Good luck.

Mike.
0 votes
Jennifer Bla…, Agent, Owasso, OK
Fri Jan 14, 2011
Hi Bob:

If Wewoka has a local bank, I suggest going to them for the loan.

Good Luck!
0 votes
Douglas Katz, , Chicago, IL
Fri Jan 7, 2011
You will definitely have to work on your credit. My company has some tools to assist perspective buyers develop a plan to do this and I would be glad to assist.
Web Reference:  http://www.bankerdoug.com
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jan 7, 2011
If you want to purchase a home for $12,000 best go to local banker. Most national lenders require a loan $50,000 or more

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Larry Oats,…, , Broken Arrow, OK
Fri Jan 7, 2011
Bob,
One of the primary considerations in mortgage lending in credit. The credit score is used to assess risk. You will need a mid score of 620 to qualify for most mortgages. The better the score, the better the interest rate you can receive, with the exception of FHA or VA loans. The rate for those loans remain constant regardless of higher scores.
It might be in your best financial interest if you sat down with someone that had a knowledge of credit and methods to improve crdit scores. An improved score will benefit you in a variety of ways, i.e. reduced premiums on auto insurance, more employment opportunities (many employers check an applicant's credit before hiring), better interest rates on installments loans, etc.
I hope this is helpful.
Larry
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Jan 7, 2011
Consider improving your credit first...
0 votes
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