can i get a home loan with a 520 credit score?

I have job. I financed a new car last year. I have a home in mind valued at $148,998 selling for $110,000.

Update:

I am not trying to flip houses. I am trying to find a home. The home was a forclosure so the bank is selling it now.

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  • 1 decade ago
    Favorite Answer

    No, you can't. With 10-15% down you can try FHA, if you have strong employment history for 2 years. And good explanation letter about the problems on your credit report. But as investor my self, I do not see the profit here. By the time you get the mortgage and sell the house you will not make make any money. You should add around $10000.00 total for your closing and taxes cost when you will buy and sell , 5% sales commision plus mortgage payment, so were the proffit? Good Luck!

  • 4 years ago

    You probably could have done that a couple years ago. But I agree with the first poster nobody is going to do it right now. They have way too many foreclousers going on. I would see if you could do what is a called a lease option. You lease the property for a year and then instead of a purchase you can acutally refinance it. You will have a proven payment history. This will help you. With the lease option dont pay the seller directly pay an escrow company that reports to the Credit Bureaus. This will improve your scores over the next year. Then you will most likely be able to refinance the property after a year. Call your local broker, if they have no clue what im talking about, call another one.

  • Anonymous
    1 decade ago

    Go for it!!! Try FHA and FMHA they do from 5% down to 3% down to 0 down to 102% loans where you put your closing costs on top of the purchase price. These loans are not credit drivin loans. Good Luck!!!!

  • 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

    That would be very hard.

    DONT DO IT!!!. I DONT CARE WAT ITS VALUED THERE IS A REASON ITS THAT CHEAP. ANYONE WHO GIVES YOU A LONE WILL RIP YOU OFF!

    Also, if your financial situation is unstable enough to have that credit score, YOU CANNOT AFFORD TO TAKE THE RISK of flipping houses. Be patient, wait for your credit score to rise, then start investing. A very sound investmend is gold. research buying gold coins.

  • Anonymous
    1 decade ago

    It will be very difficult at this time. There is a reason why your score is so low.

  • 1 decade ago

    If you don't have any open collections or judgements you can through FHA. Good Luck!

  • 1 decade ago

    Credit is very tight right now. I doubt that you would swing it.

  • Anonymous
    1 decade ago

    NO it would be really hard to

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