errerer asked in Business & FinanceCredit · 1 decade ago

credit score 599 home loan?

im 22 just opened my own business this month i have been doing great. my credit score is 599 which home loans can i apply for, i know i will have to pay high interest rates too

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  • 1 decade ago
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    You should wait 6-9 months and try to get your credit score up. Also during that time the housing market will probably be worse, meaning better for you with so many desperate sellers.

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  • Anonymous
    1 decade ago

    While each lender decides what credit score it considers a good risk, if you're credit score is generally 650 or better, you will probably be considered a good credit risk (meaning, you're likely to pay off a loan on time and in full), and you'll therefore qualify for a prime (i.e., desirable) interest rate. If your credit report rating is between 620 and 650, you may also be qualified for a desirable loan, but you may need to provide the lending institution with additional documentation to prove that you're creditworthy.

    Credit scores below 620 put you in a greater risk category in the eyes of lenders, which means you'll probably have to pay a higher interest rate (also known as a "subprime" rate) on your loan. A low credit report rating will also limit the amount of credit or the size of the loan you're able to receive.

    Even just a few points one way or the other in your credit score could mean a difference of thousands of dollars when you're paying off a mortgage over 30 years. And the savings that a high credit score typically offers can then be applied toward retirement savings, college funds, cars, vacations, healthcare needs or even day-to-day expenses.

    more info on credit & your purchasing power: http://credit.privacymatters.com/credit-articles/c...

    more info on credit: http://credit.privacymatters.com/learning-center.a...

    Good luck, hope this helps!

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  • 4 years ago

    Anything under a 620 would be considered a "Sub-Prime" loan, and with the issues in the last few months it is going to be very tough to find a loan in this category. Any legitimate place is going to require a very high downpayment and high interest rate. You probably should look and see what you can do to get your score up a bit first. As for your income, they don't need an actual paycheck. As long as you can provide proof such as tax returns that will be no problem.

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  • Anonymous
    1 decade ago

    599 does not mean high home loan rate you may qualify for FHA loan if you can provide full documentation. BUT since you just started your own business yes, you will need to wait 12 to 24 months to apply for a loan. yes, there a very few programs that will let you get a loan with just 12 months self-employment.

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  • 1 decade ago

    You will pay a high interest rate if you procede right now.....if you can even get financed. However, you might consider a seasoned tradeline program that can raise you 100 points in 45 days. This would get you a high enough score to do 100% financing at hopefully a decent rate. Check out the free evaluation form at www.totaldebtsolutionsllc.com My mom used them and it worked. Good luck.

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  • Anonymous
    1 decade ago

    Not yet, you need at least 50 more points before anyone worth talking to will talk to you...In the meantime fix any issues you have and get and start paying on a card or 2....it should only take a couple months

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  • 1 decade ago

    prosper.com your credit score only have to be 520 and above i wish i had your score i remember them days when i was 22 my score was 650 now it 350 due to job loss and being stupid getting a whole bunch of credit cards

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  • Anonymous
    5 years ago

    GET A FAST LOAN FROM A TRUSTFUL AND RELIABLE COMPANY WITH LOW INTEREST RATE CONTACT VIA EMAIL:finance.ericson@hotmail.com

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  • 1 decade ago

    Whenever you decide to buy a home, make sure that you have at least 20% for a down payment to avoid mortgage insurance fees.

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  • 4 years ago

    I do not know the best way to answer this without offending

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