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i NEED A HOME LOAN BADLY

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jpair62



Joined: 17 Apr 2009
jpair62's page
Posts: 1



151 Magic Points

Subject: i NEED A HOME LOAN BADLY
 
Posted on Fri Apr 17, 2009 4:01 pm  

I have a credit score of 550 and i need a home loan very badly so i don't have to move and rent anymore. The house i am presently living in is the house i am wanting to purchase and the owner is wanting out because he is old and his health is not very good
Guest







 
Posted on Fri Apr 17, 2009 4:58 pm  

HI jpair, Getting a loan with a score of 550 is near impossible. FHA loans require a min fico score of 620 and conventional loans require a score of 720. Are you in a rush to get this loan? If you are not then you can get this score up to the 620 mark within a few months.
cbass1017



Joined: 01 Feb 2008
cbass1017's page
Posts: 143
Location: PA


1539 Magic Points

 
Posted on Sat Apr 18, 2009 1:39 am  

Unfortunately GarySnober is 100% correct there jpair62. Although it is a great time to buy a home with values down and rates so low you will definately have to work on your credit score for probably atleast a year or two before your able to take out a mortgage.

But I really don't think things are going to turn around anytime real soon as far as rates go so atleast when the time comes you should still be able to get a pretty low interest rate.

You wouldn't happen to have anyone in your family that might be able to purchase the home and rent to you until you are able to buy it from them? I know, it's a long-shot but i had to ask...
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GarySnober



Joined: 08 Apr 2009
GarySnober's page
Posts: 66



9 Magic Points

 
Posted on Sat Apr 18, 2009 4:54 pm  

Hi jpair yes im sorry i always hate to have to give bad news to people in need of help. And cbass is correct the rates and housing market isnt going no where in a few years so if you get ur credit fixed pretty reasonable time i think u can still find a house and rate in the range your looking for. Once again im sorry and hope for the best for you. You have come to the right place for help.
dee
Guest






Subject: credut reoair
 
Posted on Tue Apr 21, 2009 2:54 am  

check with franklin first, they can help remove items and build your credit, and also try lexington law
GarySnober



Joined: 08 Apr 2009
GarySnober's page
Posts: 66



9 Magic Points

 
Posted on Mon May 04, 2009 4:55 pm  

Trying to remove items from your credit will help it increase too if you can get them removed as in late payments and hard inquiries. Getting these removed can increase your score.
cdloanmod



Joined: 26 Jan 2009
cdloanmod's page
Posts: 23
Location: Laguna Hills,CA


792 Magic Points

 
Posted on Wed Jun 03, 2009 7:38 am  

According to new FHA guidelines you should have a minimum credit points before opting for home loan. In case you credit points are 500 which are too less.

So I would suggest you to get desired points or else wait for something happens from FHA's side. Or you can take expert advice from - loan modification lawyer and loan modification attorney.

Regards
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pass123



Joined: 17 Jun 2009
pass123's page
Posts: 2



59 Magic Points

Subject: Sorry
 
Posted on Wed Jun 17, 2009 9:20 am  

Yes what other say is true. It is very hard to get house loan. Why not try out with your relative who are willing to take loan and you repaying them
If you don't mind are there any "http://www.dreamcashloans]short term loans" or long term loans pending?
mark_wilton03
Guest






Subject: loan offer
 
Posted on Mon Oct 05, 2009 8:27 pm  

I am Mr. mark wilton, A private Money lender. I am Writing you to introduce a small and large business money lending service to you. I can service your financial need with less payback problem that is why we fund you for just 3%. Whatever your circumstances, self employed, retired, have a poor credit rating, we could help. Flexible repayment over 3 to 25 years

Need business or a personal Contact us today for that loan you need with this email address: "mark_wilton03@yahoo.com"

Your's Faithfully
Mr. mark wilton
sara



Joined: 13 Sep 2009
sara's page
Posts: 31



526 Magic Points

 
Posted on Wed Oct 07, 2009 5:37 pm  

for FHA credit score required is 620. and for conventional loan credit score is 700+.As your creditscore is less than 600 it it likely impossible to get home loan as you need it badly.

But definately you can improve your creditscore and go for your badlly need.

So again i will request you to improve your credit score.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



96 Magic Points

 
Posted on Thu Oct 08, 2009 2:18 pm  

Yes building credit is the first step to getting a home loan. You do need to be in the 600's. We secured a home loan a couple years ago and my hubby's score was 670. It was through a regular bank loan. I guess it depends on the bank you go to. Ours was one we have been with for ovr ten years and have paid off past loans,most early. Our scores has since then raised and it just took some time for a couple things to fall off. Good luck and don't forget you can get your score higher with a little patience and hard work.
debranewell2008



Joined: 10 Oct 2009
debranewell2008's page
Posts: 591



108 Magic Points

 
Posted on Tue Oct 20, 2009 11:55 am  

Yes they are correct When I thought I was going to lose my home. I tried to buy a double wide I had half what they were asking for it plus the land to put it on. And they turned me down. Thank god I got to keep my house. Most people even check your credit even if you want to rent from them. So yes fix your credit first. Then try.
Guest







 
Posted on Thu Oct 22, 2009 4:53 pm  

i think for home loan you should have minimum credit score of 620. For 620 credit score you will get FHA Loan. This is minimum credit score qualification you have to achieve.

So In my opinion you should try to increase your credit score and then you can go for loan.
SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2524 Magic Points

 
Posted on Thu Oct 22, 2009 4:55 pm  

This is my post-
i think for home loan you should have minimum credit score of 620. For 620 credit score you will get FHA Loan. This is minimum credit score qualification you have to achieve.

So In my opinion you should try to increase your credit score and then you can go for loan.
SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2524 Magic Points

 
Posted on Thu Oct 22, 2009 4:59 pm  

You can improve your credit score by following ways-

1) Always pay your bills on time.

2) If you have past-due bills now, get current and stay that way.

3) Contact your creditors as soon as you know you will have a problem paying bills on time. Try to work out a payment arrangement and negotiate with them to keep at least a portion of the late notations off of your credit reports.

4) If your situation is serious, see a legitimate, non profit credit counselor. Avoid the scam artists who promise a quick reversal of your credit problems.

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