*Loan,banking and credit>>>credit score

Is is possible to get a home loan with a credit score of 487 or 507?

my credit score is 507 and my husbands is 487 is it possible to find a loan for a house

Both of the last answers are mostly correct. It will be very difficult to get a mortgage with these scores, and I'd be careful about the person/company that does offer you one. There are NUMEROUS reasons why you may want to wait. You definitely want to take a few months to repair your scores and also save for a down payment. Both of these factors will substaintially reduce the interest rate you will be paying on the loan when you get it.

Keep in mind that the bank is actually telling you something when you get denied or charged an outrageous rate...basically they're telling you that you're a huge risk of not paying.

There has to be some reason that your scores are that low in the first place so don't stretch yourself with a payment you can't make. Debt causes a vicious cycle....by being a higher risk of default, they charge you a higher rate, in turn that higher rate makes your payment much higher and only earns the bank more money. The poor getting poorer cliche. Speak to professionals for additional help. Source(s): Finance/Real estate degree; Real Estate license; I work in a bank!

No. If someone offers you one, be very on guard, it's likely they are trying to scam you out of an "application fee", then you won't get the loan.
Truly? It's doubtful.

There are ways to Manage your FICO score to aid you. A friend of mine raised her credit score from 670 to 701 in about 8 months by managing her fico a bit. I'm about to do the same thing she did to try to bump my 577 up some.

Best thing you can probably do for yourselves is to open an account with you bank and take a secured credit card out against it. Keep up with the payments (spend 10-25% of the limit every month and then pay it off immediately) and your credit scroes will jump up.
no they smarter than that ,
It's not impossible. While there is no more subprime lending, FHA has rapidly become the new subprime. It doesn't really matter what your credit score is. What does matter is your ability to repay the loan. You must be able to show enough income to support the loan.

Further, an FHA loan looks at the overall condition of the property you want to buy, so if you're thinking of a fixer-upper forget it!

More to the point, Why is your credit score so low? It may be a good time to evaluate your spending vs. income before you commit to a mortgage. It's a big step that far to many people jump into without due consideration. Please proceed with caution.
possible - yes (hard money lender)
likely - no

Do you have money to put down? Is there a good reason your score is so low? Are you coming into a money soon? These reasons will allow you to get a "hard money" loan, loan by private investors, but their must be valid reasons.
I financed a woman with a 489 credit score through a hard money lender. It wasn't easy, she got an 11% interest rate, but she was coming into money within 2 years.
You would be better off paying 500 - 1000 dollars to a credit repair service, or doing it yourself for that matter, and holding off and getting the loan 6 months from now.