will i get approved for a home loan with a credit score of 450?

I am a single mom and my ex-husband messed up my credit. I found a home that I would like to purchase for $520,000. My credit is poor (score is around 450). Are there lenders out there that would give me loan?

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  • Anonymous
    1 decade ago
    Best Answer

    No...

  • Anonymous
    4 years ago

    Your question is confusing. You say you need a loan against your house, but then say you are trying to sell the house? You shouldn't get a loan against something you are trying to sell. With a credit score of 450, you are not going to be able to qualify for a very good loan. Perhaps you will be able to get one from a sub-prime lender, but the terms will not be favorable at all.

  • Anonymous
    1 decade ago

    With the way the mortgage mess is and lenders being loose with mortgage loans,... good luck! Either get a co-signer, build up your credit for a little, or have a huge chunk of money to put down on the house

  • Anonymous
    1 decade ago

    Absolutely not!! My best advice would be to request a free report from all bureaus, and dispute everything that was touched by your ex-husband and provide your divorce decree with every dispute, and in 3 to 6 months you may see a significant change in your credit score, then re-apply for the loan. Or find a much cheaper property thats more in proportion with your DTI and go with a government backed loan from Freddie Mae or Freddie Mac.

    Source(s): Mortgage loan officer and underwriter for Flagstar Bank for 3 years.
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  • 1 decade ago

    That would depend on your total expenditures per month.Standard rule of thumb,housing should not be more 33% of income.It also depends the amount of down payment.If you don't put down at least 20 % you will get two problems.First you will have to pmi(private mortage insurance) wrapped into your mortage which jack up your payments by several hundred dollars.Second,The only way you may get a mortage with a low credit score is with that big of a down payment.Why not check within your state,alot offer grants to single parents or down payment assistance.

  • FRANK
    Lv 5
    1 decade ago

    I know of no program that is available, with credit that bad. Unless you have declared bankruptcy, those debts are still your responsibility. Thus, even if a payment plan was arranged with creditors, you would be faced with bad debt to income ratios.

    If you have not declared bankruptcy, the lenders looking at your credit report would fear that you would. Thus, they would not want to make a loan. (I am a mortgage broker.)

  • 1 decade ago

    Not unless you have some serious income. I'm talking 50% down. You should work on rebuilding your credit 1st. Get your credit report and work on catching all your bills up and getting them paid off.

    I wouldn't even rent to someone with a score like that, unless I had 1st, Last, and a large security deposit.

    No one will ever believe your ex caused that problem by himself.

  • 1 decade ago

    No. The only scenario I can think where a loan might be granted is if you earn $250,000/yr and are putting up a 50% down payment.

  • 1 decade ago

    i am , anais willy am from venezuela i saw your profile in .i decide to referred anybody who is dire in need of loan to this God fearing man because i have been SCAMMED twice by this fake lenders.when i lose my job this man that gave me{ $120,000] .you can contact him via E-mail adam_mohammedloancompany@yahoo.com.sg tell him anais willy referred you to him who he gave a loan to.two weeks a go

    thanks,from anais willy.

  • 1 decade ago

    Try Lending Tree, and see if they can help you.

  • WB
    Lv 4
    1 decade ago

    No

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