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Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Discuss the role of Credit Reference Agencies

Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Postby julian » Tue May 22, 2012 1:42 am

I am on disability recieving 2100. a month. I have no bills
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Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Postby matthieu46 » Tue May 22, 2012 1:44 am

The only way would be a VA loan, and even then you had better not have any charge offs or unpaid debt on that awful credit report.
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Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Postby hreinn » Tue May 22, 2012 1:45 am

You should contact a mortgage lender that is authorized to do FHA mortgage loans. FHA have a mortgage loan program that might accept your credit score. You would be required to have a higher down payment under this program than others, that would be qualified for the normal 3.5% down payment.

You would need a few things in order to qualify for this program. You would need proof that you are receiving whatever type disability you are currently receiving. You would also need bank statements.

Once you have contacted a FHA mortgage loan officer, you would be pre-approved for a mortgage loan. In the event you are denied your mortgage loan officer would be able to tell you the reason for the denial.

If you have no debts on your credit report you are required to pay each month you would not have a problem with your debt ratio. This is the ratio that would determine the amount of house you are able to purchase based on your income and debts you are required to pay.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"



.
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Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Postby fergusson » Tue May 22, 2012 1:48 am

You have to have all negatives paid off on your credit reports.
Required by any mortgage lender.
Anything that states otherwise, will be a scam.
Get your 3 reports at
Annual Credit Report.com
No credit or debit card required.
Ask here how to deal with collection items.
Or, get a book on Credit Repair from a bookstore for about $15.
Do this before these collection agencies start suing you.
They can tap into your assets. Your $50,000 in savings.
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Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Postby ammi » Tue May 22, 2012 1:59 am

Maybe with that much down. I would talk with several lenders.

I would also figure out why the score is so low and fix it. If you have judgments, they will need to be paid no matter work.
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Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Postby vychan » Tue May 22, 2012 2:06 am

No. You can't rent a garbage can with that low of a credit score.
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Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Postby illanipi » Tue May 22, 2012 2:10 am

525 is really low. The huge down payment helps.
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Can I get a home loan with a 525 credit score? The home is in the 90's I have 50000. to put down?

Postby ning » Tue May 22, 2012 2:12 am

It will be very hard even with that much down. You'll be charged a lot of interest on the loan. Clean up credit first.
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