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can i get a loan with an experian plus score of 567?can i get a loan with an experian plus score of 567?
gdwrench29 said: "I'm wanting to buy a home and not to great credit i dont guess.experian is only showing 1 $60 bill that has been closed and nothing else at all on my report. i know have old hospital bills and late utility payments and such but only the 1 shows up....can i get a 1st time home owners loan with nothing down with a 567 score?and if so does anyone know of a good place to check into bad credit loans"
anchorbob said: "Yes, you can get a home loan. I'd still try to raise that score a bit. Do you have any credit cards?"
Ally said: "Most people can get approved for home loans, but if you have a low credit score you may be required to put extra money in for a down payment, or your interest rates may be be higher than someone with a higher score.
Credit Reporting agencies won't penalize you too bad if you do all of your rate shopping at around the same time. I know that Countrywide does a lot of home lending, you might want to see what they can do for you.."
ginasands said: "Yes, you can get a home loan with that credit score but you are considered sub-prime which means your interest rate on the loan will be higher. I work with a loan officer at Hilltop and they will shop a loan for you to get you the best rate... something countrywide will NOT do. You need a credit score of at least 640 for prime lending. However, with interest rates at an all time low even the subprime interest rates are considered good. When you submit an application for a mortgage, the loan officer pulls all three reports and lets you know what your middle score is.. this is the score that determines your credit worthiness."
lemura said: "If you have at least a 500 credit score you have the the primary requirement to apply for aloan. Other factors will be involved also for ex. you cant be 150 days behind on your mortgage but you can be 120 days behind. Also there will have to be some equity in the house.
If you would like a free analysis of what we could offer call me at Ameriquest Mortgage. My number is 609 721-1392. We operate in 50 states in the US.
thank you
Lisa LeMura"
LoanHelper said: "I checked 7 of my subprime lenders. They all require 5-10% down with your credit score and they would require that some other type of credit be verified (i.e. rent, utilities, cable...). This doesn't address the negative credit on your report. They may require that collections and charge off be paid prior to closing the loan."
JoshJohnson said: "That's a good point. That's why it's a good idea to order your credit report before looking for credit. That way you can get a strategy if there is any negative info on the report."
fastcash said: "I would suggest defining your objective. If you really want to buy and stop paying somone elses mortgage, I suggest you do so. There are always finance options as long as you can pay for the mortgage. I am a private equity lender and I do prime, sub-prime, commercial, and hard money loans. I even know of investors who will give 20% of purchase funds for 50% equity. The idea being you qualify to buy, and you don't have to worry about paying back the 20%. However when you either sell or refi you have to pay half the houses value to the person shares your equity. But qualifing for an 80% loan is much easier than 100%. And while you improve your credit making payments on an 80% mortgage and getting 50% appreciation it's still a better deal than renting and getting 100% of 0% appreciation. And the tax benefits can also make purchasing in an equity share program appealing. But this is just one of many options."
irishbearded1 said: "To make a long story short, my financial profile has always been a mess though I've been working hard to change that. Last year, I was granted a 400K mortgage w/10% down, an avg FICO score of 553 and my fixed rate is 7%. However, my PMI is nearly 1K per month and I can't ask for a PMI elimination for at least 2 years. So, think long and hard before you buy!! BTW, my avg fico as of 5/7 is 600! YEAH :)"
JoshJohnson said: "Congrats, Irishbearded! That's great news."
Ally said: "A grand in PMI? Ouch.
What is your monthly payment total?"
JoshJohnson said: "Yeah, I'm bitching about paying $90 a month! WOWSERS."
webpuppy said: "Hey Irishbearded, there's a program I work with that will allow you to streamline refi that debt only having to show 18 months of on-time mortgage payments. You can get your rate down in the low 6's with no PMI :) If you're in CA I can help you set it up."
kootsie31 said: "HI, I would suggest you go to myfico.com and pull all 3 of your reports from there.
I have about a 55 point difference in the plus score and the actual fico score. Chances are your scores are alot better than you think. The plus score is not the score lenders use. They use the FICO ones."