Can I sitll get a loan with bad credit?

Asked by Rosemarie, Pennsylvania Tue Oct 30, 2007

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7
Infinity Rea…, , Saratoga, CA
Tue Oct 30, 2007
How bad is your credit. What is your score. There are many types of loans out there for many different peopl even those with bankruptcies and i have even seen someone finance with a foreclosure. You will just have to put a larger downpayment down. Your ability to get financed will depend on your ability to pay the mortgage and also credit history. If you have compensating factors, and there are reasons your credit might have been dinged you will have a good shot. Take advantage of a good mortgage broker, and have them sit down and prequalify you and go over your options.
1 vote
Gita Bantwal, Agent, Jamison, PA
Mon Feb 23, 2009
I hope you have bought a home. The only way to find out is to sit down with a loan officer. They will advice you about the programs and guide you if you need to straighten out your credit.
Web Reference:  http://www.gitabantwal.com
0 votes
Steve Larson, Agent, San Jose, CA
Mon Nov 5, 2007
Yes, but how bad is bad?

http://www.SLarson.com/contact
Web Reference:  http://www.SLarson.com
0 votes
Bill Turano, , Select Mortgage 1715 Rte 88 Brick, NJ
Wed Oct 31, 2007
FHA is the way to go. Your scores are not too low for FHA.

As a direct endorsement underwriter we regularly close loans with scores in the 500's but we are looking for other redeeming factors such as good job stability, more than minimum down, cash reserves, etc......

We are liscenced in PA if you would like me to run your credit. My underwriter, the person who makes the final decision on your loan, will review your credit and pre-approve before you start looking. There is no charge or obligation. Of course, we hope you come back to us when you do find a house.

Email me at billturano@selectamortgage.com if you are interested.
Web Reference:  http://www.billturano.com
0 votes
Mark Zacharc…, Mortgage Broker Or Lender, Tinton Falls, NJ
Wed Oct 31, 2007
As a licensed mortgage broker and FHA-licensed banker, "Realtyexec" is right on. FHA is the way to go today because not only can you get a loan with a FICO in the 500s, but there are other advantages as well: 1) Interest Rate: FHA Rates are very close to conventional rates. 2) BK (Ch. 13 or 7): If you have been out of BK for at least a year and can document that the BK was due to "extenuating circumstances" (beyond your control), you can get an FHA Loan. If it's not deemed to be "extenuating", then you must be discharged for 2 years. 3) BK Ch. 13 (NOT Discharged): You can get a refinance loan through FHA if you are still in Ch. 13 status, but have been making timely payments for over a year! Best of luck!
0 votes
Infinity Rea…, , Saratoga, CA
Tue Oct 30, 2007
I would suggest talking to a FHA approved mortgage broker. FHA works with alot of lower Fico scores even as low as 500. If you have reasons, and can show some length of good history in the last 12 months or 24 months. Give it a try, if you are motivated the best time to be prepared is now. I have seen clients scores go up from 512 to 62o in 3 months with the right credit repair. Just get as much information from as many sources as possible. This forum is a great starting place.
0 votes
Rosemarie, Home Buyer, Pennsylvania
Tue Oct 30, 2007
My credit score is currently 570 and my husbands 575 :(
0 votes
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