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4jerry
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Subject: bad credit
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Wed Aug 26, 2009 1:06 pm
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| I need a conventional loan to purchase a home. I want to place 20-30 percent down. I have bad credit. What does my credit score have to be? |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 50
Location: Maharashtra
246 Magic Points
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Thu Aug 27, 2009 10:47 am
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In my opinion you may apply for FHA loan if you wish to purchase a home. It needs more 620 or more credit score score as well as 3.5% of loan amount to make down payments. 2 years of the work history.2 months of most recent bank statements & few information about your credit history & annual income.
Thanks & Regards.
_________________________________________________________
Secure card will help you to improve credit score faster. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Thu Aug 27, 2009 11:49 am
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4jerry
Usually a score of 700 and above should get you a good deal. However, sometimes even with bad credit people get good loan offers. I would suggest do your research well and look around for creditors willing to offer a loan even with the score that you have.
James has also made a wise suggestion. You may think it over.
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Keep in touch
Carol |
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Clive
Joined: 25 Aug 2009
Clive's page
Posts: 13
252 Magic Points
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Mon Sep 14, 2009 2:00 pm
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| If you can give some time to build your score surely you will get good offers from lenders.but you have to have patience for that. |
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andybell
Joined: 11 Aug 2009
andybell's page
Posts: 17
Location: Laguna Hills
199 Magic Points
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Thu Sep 24, 2009 5:51 am
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| Bad credit is certainly a problem but I think if someone has really good finance management skills, chances are he may not require loan as desperately. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Thu Sep 24, 2009 6:50 pm
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| I have also seen people get good loans through finance companies,even with credit on the poorer side, when they agree to have the payment directly debited from their checking account. This insures they will get their money on a certain date (that you and the lender agree on). If the money is not their it does lead to bigger fees for the owner of the checking account but I think this also helps them assure timely and monthly payments. |
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sunnyca
Joined: 10 Sep 2009
sunnyca's page
Posts: 150
952 Magic Points
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Fri Sep 25, 2009 6:44 am
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I am not sure if any lender is otu thre who can give money to people with credit score below 600
Most of them are really vigilant and probably would liek to stay away from such loans as of now |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: bad credit
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Thu Oct 01, 2009 1:37 pm
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| If you CAN get a home loan, with a low credit score, I'm sure the % rate, of the loan, would be VERY high. I would keep paying on the debts you have now: every payment you make means your debt would be less and your credit score will rise. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Fri Oct 02, 2009 2:09 am
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| I totally agree with Sd Chargers here. I would work on your report and getting your credit score up before signing on to any 30 year mortgage. That would really equal alot of extra money. Houses come on the market everyday. Youir dream home will still be out there in a couple years..maybe even a better one! |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Fri Oct 02, 2009 10:20 am
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Hi jerry,
You can get a home loan with a minimum score of 620. However, I would suggest you to repair bad credit and boost up your credit score before applying for the loan. In this way it will be less of a burden for you later on. Start paying off your debts and get a secured credit card. Make use of the card properly and it will help you in improving your credit score. It will take a little time, but this is the best process to improve credit score.
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All the Best 
Justin |
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jassica
Joined: 13 Sep 2009
jassica's page
Posts: 68
14 Magic Points
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Fri Oct 02, 2009 5:59 pm
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Definately credit score required is more that 600.
I think you have not specify your credit score.
Please specify your credit score so that forum will guide you.
But as you mention you have bad credit so i think you have to improve credit and then only go for loan.
Otherwise it is difficult to get mortgage. |
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sunnyca
Joined: 10 Sep 2009
sunnyca's page
Posts: 150
952 Magic Points
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Sat Oct 03, 2009 5:07 am
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| If it is FHA loan you will need ateleast 630 credit score |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: bad credit
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Sat Oct 03, 2009 9:16 am
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| It DOES take patience and time to re-build your credit (don't I know it!!LOL). Believe it or not, eventually it WILL happen. My credit score has gone up, abit, by a few points. I'm NOT trying to take any extra loans out,...I'm just paying on what I ALREADY have. My debt is going down, so, my credit score is going up. |
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Kate
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Subject: Some advice to Jerry
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Sat Oct 03, 2009 11:24 am
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Hello Jerry,
The mortgage credit score, in fact is changing every month, almost regularly! You need to have a minimum credit score of 700 to be able to get loans from a mortgage lender. At present, most lenders require you to put down 5% to 10% of your home price. So, if you’re willing to make a down payment worth 20% to 30%, that’s pretty good. By the way, what’s your credit score like? I mean how bad is your score?
Most conventional loan lenders require you to have minimum credit score of 700 to get financed. So, if you have a bad credit situation, you could instead opt for a FHA loan. The FHA approved lenders call for a significantly lower credit score of 620 from the earlier 580. However, there are certain criteria which you need to fulfill in order to qualify for an FHA loan.
Keep in Touch
Kate  |
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sara
Joined: 13 Sep 2009
sara's page
Posts: 31
509 Magic Points
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Mon Oct 05, 2009 5:45 pm
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for FHA credit score required is 620.You have to improve your creditscore. can you share your credit score with forum?
then anyone can help you. |
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