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Which Bank offers the best home loans for people with a FICO of 550!? |
Which Bank offers the best home loans for people with a FICO of 550!? At that score you'd almost HAVE to go to a local mortgage broker. The great thing about that is that they'll review your credit with you and discuss ways to increase the score. You'd want to get up to at least a 580 for 100% financing depending on your situation. You can still buy a house at 550, you'd just need a down payment in addition to closing costs. Lots of times there are small things you can do on your credit to get your score up and brokers are trained to see those. Sitting down and talking in person really helps. Check out my blog. I'm writing about what mortgage brokers do and what you can do to get an approval. http://explaintome.blogspot.com... what state? For a score so low I guess most banks would take advantage of your situation by offering high interest rates. I guess you may be able to negotiate a little by making higher downpayment. Contact ditech.com or ingdirect.com Fico score is not the only factor that goes into determining your loan program and interest rate. The amount of your down payment (if any), assets, as well as the info in your credit report can alter your rate. For example, is it low because of a bankruptcy, the time out of BK will affect the loan program. Mortgage Banker |
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