looking for a mortgage loan officer that can qualify us with a credit score of 550! In desperate need please?
husband makes good income but the credit score is the problem. Is there anyone out there that can give us information on mortgage approvals on credit scores of 550? Time is cutting short on our side. we have 5 days for a decision. Please help! thanks a lot candy Tx
- Glenn SLv 79 years agoFavorite Answer
There might be a sub-prime lender out there that will make you a loan if you are able to put up at least a 40%-50% or more down payment.
There is no way that you will be able to get a loan with a government insured lender. You will have to seek a loan with some type of loan shark that might do you bodily harm if you don't pay. And pay at least double the normal percentage rate.
- Steve DLv 79 years ago
You do know that mortgage loan officers do not make the final decision on mortgages - underwriters do. All a mortgage officer can do is give you a tentative approval based upon a preliminary review of your application. In all honesty, unless you can come up with at least a 20% down payment, there is probably very little chance that you can get approved for a mortgage with that credit score. A few years ago, you probably could have qualified for a sub-prime mortgage (credit score below 620), but these days, banks and lenders are not approving sub-prime mortgages without high deposits and lots of paperwork.
Call around to mortgage brokers in your area, explain your situation and see if they know of any remaining sub-prime lenders. Be prepared to pay up around 5.5 to 6% interest if you can find a sub-prime lender.
- acermillLv 79 years ago
You're not going to get anywhere with any conventional lender. Underwriters won't even look at a 550 score applicant. You are at least 100 points below where you need to be to be considered for a mortgage loan. If you can find any remaining subprime lenders, you might get a shot, but expect to pay a ridiculous rate of interest if one approves you.
- stormsLv 43 years ago
if relies upon in case you're on the edge of maxing out your credit enjoying cards, there would be an significant drop on your credit. and loan loan officers do get a score, yet in addition they pull a document which exhibits each and every thing