|
|
| *Loan,banking and credit>>>credit score |
Can I obtain a first time mortgage with a 540 credit score? |
Can I obtain a first time mortgage with a 540 credit score? no I would not think so I say you would have to have at least a 700 credit score . good luck though and shop around . we just moved into our first house and we have a 740. and they told us that was hard . so good luck . Yes you can, your rate will be high though. Actually you only need a 580, sometimes 560 to use a sub-prime company and get a mortgage. I would work on improving my credit score first, though, b/c a 620 credit score would get you alot lower interest rate. First, get a copy of your credit report...there are several companies on-line with a 30 day free trial offer. If you have any collections, get them paid off. Next, work on lowering your credit card debt to less than 50% of your available credit, prefferably closer to 25%. Lastly, make sure you make all your payments on time because that affects your credit score greatly. If you work on these steps, you should see your score increase in a few months to where you can get a solid interest rate on a mortgage. I'm a mortgage broker. You have to have at least a 550, and with a 550, you have to put down about 20%. You would be considered a sub prime borrower, which is a risky borrower. I'd imagine eventually you could but it would be a long, difficult road. Your interest rates would be outrageous as well as your payment. If I were you, I'd find a nice place to rent and worry about raising my score. Right now isn't exactly the best time to be home shopping anyways as the interest rate is the highest it's been and that's for people with great credit. Wait a while, up your score, and before long you'll be able to get the home of your dreams for a decent price! |
| Tags |
| credit counseling credit debt credit line credit repair credit report credit score credit card online bad credit loan bank of american bank of china |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |