if your credit score is 560 would it be impossible to get a home loan,even if u have collatal as down payment

Asked by Dawn68, Saint Louis, MO Tue Feb 9, 2010

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jacquelynery…, Home Buyer, Saint Louis, MO
Tue May 21, 2013
If your credit score is less than 560 van you still get approved for a loan?
0 votes
Kryrock, Home Buyer, Big Lake, MN
Mon Mar 1, 2010
My husbands and I were both around 560-570 and we were pre-approved for a mortgage but we didn't go way over our league either... and we got our mortgage from our credit union which we've been members with for 5+ years. It helps to know who you're working with and that they know you as well.
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Hannah Flieg…, Agent, Larkspur, CA
Thu Feb 18, 2010
Dear Dawn,

With a credit score of 560-620 you might be able to "qualify" for a mortgage but it will not be a good mortgage product. Having less-than-perfect credit will limit the type of mortgage products that are available to you. Mortgage products do not even get exciting until your score is 749 or higher.

Why not work to improve your credit rating first, then qualify for a GOOD mortgage product, and then begin looking for your home? This way you set yourself up for success long term. A lot of people can get a home, keeping it? This is a core problem in today's market. I would like to see you and your family in a home with a monthly payment that make sense so you have have long term home ownership.

Good luck!

Hannah Fliegel
The Credit Repair Expert
Web Reference:  http://www.HowDoYouScore.com
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Curtis Graham, Agent, St Louis, MO
Thu Feb 18, 2010
Most lenders have went to a minimum credit score of 620 with others having a 650 min. or a 680 minimum. There are still a couple of lenders that will still help people who have a lower credit score. I have several loans in my pipeline that are in the same area as your score.
Call me to see if we can help you, at 314-965-7875 and ask for Curtis Graham.
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Melody Ander…, , Camdenton, MO
Tue Feb 9, 2010
Ask your realtor or local banker if your area qualifies for USDA financing. It's much easier to qualify for these loans than conventional loans. They are much more lenient with credit scores, and offer 100% financing. Plus, you don't have to be a first time homebuyer. For those who meet their income guidelines and have a stable flow of income, it's a very popular option for many Missouri residents. Best of luck to you!
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Ronald Gorman, Agent, St Louis, MO
Tue Feb 9, 2010
You need to talk to a mortgage broker. The new guidelines for an FHA have 580 as the FICO floor and that would require a 10% down payment. I don't know what you mean regarding "collatal."
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Jane Grant, Agent, Aguanga, CA
Tue Feb 9, 2010
Dawn - There are many things you can do to improve your credit scores in a relatively short period of time. Hopefully, you don't have any 30 day late payments on your credit cards or car loans.

Speak to a Mortgage professional there are Certified Mortgage Planners who will help you get ready for home ownership. Improving your credit score will also help you get a better interest rate on your home loan.

Web Reference:  http://www.soreal.biz
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Dp2, , Virginia
Tue Feb 9, 2010
It's still possible for you to get a home with that low of a credit score; however, you'll find that you have more options with a higher score.

You might want to consider a lease-option.
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Dallas Texas, Agent, Dallas, TN
Tue Feb 9, 2010
Contact a mortgage broker who can review your entire financial records.

If you have entire amount as collateral perhaps a local bank could be an alternative for you.
Web Reference:  http://www.lynn911.com
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