Mortgage loans with credit score under 600?
Me and my husband are searching for home loans (were first time home buyers) but I discovered our credit scores aren't the best (both of ours are under 600). I keep getting rejected for the FHA loan because they require a minimum of 600. Does anyone know of a legit loan that requires a lower credit score? Thanks for your help! **Be sure to enter the URL or web address if you provide answers**!
- Anonymous1 decade agoFavorite Answer
No, no on will touch you.
- kefauverLv 43 years ago
Steve there are actually not any creditors obtainable that i'm attentive to to your rankings. it is not an FHA rule that forestalls you it has to do with the creditors FHA score card. See the investment international does no longer choose your loan as persons with your rankings are 4 cases extra in all threat to default on a cost or maybe the whole loan. That hurts the creditors score card and that they can't sell your loan on the secondary industry the two. You extra advantageous get your rankings up rapid to make this ensue. So the 1st ingredient to do is to pay the balances on any card to little or no like $10 on each and each. Then get a letter from the cardboard businesses as to the hot stability. as quickly because it is complete deliver it on your loan banker /loan officer and have the credit re scored. That takes seventy two hours. The rankings would arise adequate which you would be able to purchase. Now you will choose 2 rankings over 620 to purchase with an FHA secured be conscious. you'll have been pre qualified to purchase before any grant grew to become into made. you are able to loose any ernest funds you have on the settlement if there grew to become into no longer a financing out i'm a loan banker in TN
- Anonymous1 decade ago
Recenlty my friend got home loan of 500000$ for 25 years on 1.5% which should be paid annually my friend doesnt have good credit his credit score is below 500 but still he got loan.
I asked him how you got ?
He told me while i was searching on internet for Home loan with Bad credit he found a site which contains about 8 links for bad credit so i checked all of them one by one .
Then Go to "Home Loan"
Note each link contain different interest rates and repayment period.
- Anonymous5 years ago
Mine is 593 and my husband 579
- How do you think about the answers? You can sign in to vote the answer.
- 1 decade ago
some lenders can do FHA under 600. Bank of America is one of them. You're seriously interested feel free to email me and I can give you my office line. Its not a guarantee but I've gotten approvals around 550 a number of timesSource(s): I'm a BOA mortgage consultant