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| *Loan,banking and credit>>>credit score |
Can a person get a mortgage loan with a credit score of 650? If so where? |
I have had credit trouble in the past. I am now trying to rebuild. I am finding it hard to get a mortgage loan or a major credit card. I have read stories about people getting loans with credit scores lower than mine. I found National City bank on a web site with stephen's life after bankruptcy newsletter. Where are people getting these loans, with low credit scores. I live in Alabama. I can't get a bank loan. I am not in bankruptcy. Please tell me the names of the mortgage companies that can work with me. I have read stories where people credit score is in the 500's. They are buying cars and homes right after they file bankrupt. Thank you http://www.deltafunding.com Delta Financial focuses on lending to individuals who generally do not satisfy the conventional mortgage guidelines established by Fannie Mae or Freddie Mac. The Company makes loans to these borrowers primarily for debt consolidation, refinancing, education and home improvement, where cash-out/debt consolidation consists of approximately 85 percent of Delta's business. Churchill Mortgage will use manual underwriting to determine if you qualify for a mortgage if your credit score is low. They are based in Nashville and are very easy to work with. Don't have the number handy -- you will have to 'google' them. you'd have to search the internet or ask a financial advisor. I'm sure you would be able to find a bank to give you a loan, but I think the interest rate will be so high it would be financial suicide. take a couple years, pay everything on time (that's all your utilities too, they report late payments to the credit companies) try to up your score. show responsibility by having a savings account, even if you can only put $20 a month in - do it every month. good luck to you. Yes, you can get a loan with score of 650, but that's not the only consideration. Your income, details regarding your employment, and how expensive of home you want all factor in to you becoming approved. The most important thing is finding someone you trust, and any broker can find a loan for you, but remeber your credit score is only one factor. I got one with a score of 568, it all depends on your income and if you have repos judgments or bankruptcy's in your past. Keep in mind too that the higher your score the lower the interest will be on your loan. I can't refer you to any one place. What I did was called around and applied at any that were willing to talk to me, lol. Finally one said ok and the rest is history, lol. Right now I am trying to refi and am going thru Citibank / Citifinancial. I already had an account thru them though (a personal loan). I know that's not much help, but it is possible! BTW, do you have any current/ open credit card accounts? For some reason it helps..... When I began trying to rebuild my history I got an Orchard Bank card. Their fees are high but they cater to people who are starting over. If you keep the card in good standing and don't over do it that will help. After a year I got rid of that one and now have one from Citibank..... Good luck! There's nothing quite like buying your first home! A score of 650, alone, should not keep anyone from getting a mortgage. It's just below the average for Americans. Could there be other things in your financial situation that are keeping you from a loan? Has it been explained to you that your credit score was the only factor in turning you down? Be careful applying at numerous places for a mortgage, as unfortunately multiple loan applications adversely affect your score as well. Be sure your income is sufficient for the loan amount you're seeking. A mortgage broker is often a great place to start for a loan, as they often work with multiple lenders, and usually have a few that specialize in what they'd consider a higher-risk loan. Is it crucial that you purchase right away? A year spent working on your credit score would be a great investment that would pay off for years in being able to purchase a house without a ridiculous interest rate. If you choose to work on your credit first, just order a copy of your credit report (if you haven't already). Most credit reporting agencies give a detailed account of what's considered positive and negative in your history. Fix whatever you can, explain what you can't and add comments to the file. Fixing or disputing items on your credit report actually hurts your credit score for a little while until it's resolved, but it pays off in the long run. Be sure not to undertake any work on your credit report like that unless you're sure you won't be applying for a loan again for a few months. If you can wait to buy a home, I'd say repairing your credit is a great route. Beware credit repair agencies, they do more harm than good. Trying to rebuild by taking on a mortgage at a high interest rate may not be a wise idea at this time. But you know your situation best. You can get a mortgage and a credit card. The credit card you can get at Wells Fargo Financial. This is different than Wells Fargo Bank but it is a subsidiary. Wells Fargo also does mortgage loans for people with that kind of credit score. |
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