people with poor credit (score of 580) can still get a mortgage can't they?
931562
yes, there are a few options you have with a credit score like that.  Also, depending on the price of the house you would like to buy, the interest rates can be fair, in the range of 6.25%~7.5% if you decided to go with an FHA loan.  If your debt is high, then you might be looking at a sub-prime loan where the interest rates begin in at about 8.5%+. any questions, you can email me
48796
I can't answer what the complete demographics on clients who have credit scores over 800 or even 750 (which is the mortgage indurtry's make for premier borrower), but can say that income and location are no indicator.  I've been working in the lending industry for over 18 years and have noticed that clients with close to perfect scores are, indeed, far and few between, but there all have one thing in common:  they are aware.  Keep low ratios on your revolving balances, pay all items on time, and never get to a point where a lien will appear.\nInsofar as "when did they obtain a [credit score] of 800" is concerned, everyone starts off as "perfect" (with Experian it's 850) and negative items drop your score.  See this website for a rough breakdown on how scores are determined:  http://www.summitcs.org/id5.html
1104370
First of all your credit score is pretty decent,infact anything over 620 is good enough to obtain a mortgage,so if you want and are willing you can buy a house to.\nSecondly when looking at a credit report lenders or landlords look for things such as credit lines,length of those credit lines, payment history,accounts in collections,delinquent accounts to name a few.\nAnd thirdly when looking at a report,the report from all three bureaus are taken into consideration and your middle score(the number between the highest and lowest) is the one which is taken as your credit score.
901240
Just because a company is advertising that they offer a 5.5, chances are your not going to qualify for it. That is a just a marketing trick to get you interested. They best way to tell what kind of rate you will qualify for is based on three simple questions.\n\n1. On a scale of 1 to 10 what is your credit score like?\n\n2. Have you had any 30 day lates or more on your mortgage in the past two years.\n\n3. What is the loan to value on the home? Meaning how much do you owe against how much the home is valued at. \n\nOnly people with 700+ credit scores with low LTV will qualify for that rate in today's market.\n\nGood Luck!
207623
your credit score can run as low as 300 and as high as 850\nI should know im a loan officer and I run credit all the time.
1153442
Call a local mortgage broker (check your local yellow pages) and ask for a consultation, they are usually free or may charge a small fee (< $25)  for pulling your credit report..  Do not call a bank.  Mortgage brokers have many more programs available than banks and are more experienced in dealing with folks with troubled credit.  Anyway, they can pull up your credit and see how it looks.  It may not be as bad as you think.  If it is, there are programs such as FHA that are not credit score driven.  It always helps to have money saved up for a down payment, and while 100% loans can be obtained, you will most likely need a minimum of 3% down.  If you do not have the 3%, it can be in the form of a gift from family or friends.  There are 3rd party non-profit companies that you can get the donwpayment from, although FHA has been looking down on them lately.  Mainly b/c the 3% gets financed back into the loan....sort of...but I can't say that...LOL\n\nA good mortgage broker will have all of this information.  He/she should also be able to direct you on what to do if your credit needs a little repair.  If you are not ready to buy now, they can coach on what to do to be ready in 6 months or so.  Good luck with your dream of owning a home.
969403
There are many options available. The credi scores will diictate what rate you get...and these scores can be improved in less thn a week if they need to be.\n\nI write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
655987
Yes it can. Lenders look at your credit report very carefully and a good one puts you on their good side. Having a decent income is another plus in combination with the credit report.\n\nYou will still need to shop around, find the best rate and programs, go to lendingtree.com for more information.\n\nFor information on buying a home and getting a mortgage, if this is new to you, I suggest you see Suze Orman's books, she discusses the process and gives good tips.
409361
A "bad credit score" is not necessarily all that "bad" for getting a house loan. HUD and FHA loans will give you a loan if you have the proper income and/or means to pay the loan, and their requirements are relatively low. With a score of 500 or more, you shouldn't have too many problems. \n\nAlso, to check what your score looks like, go to www.annualcreditreport.com and you can look at what your report looks like for free. You have the right to view all three of your reports once a year, more if you are declined credit. \n\nBest of luck to you!
1026157
It is possible but in order for a lender to get to 3rd place you must have a second trust deed currently open. There are few lenders that will do this and you will probably need a 720 score any way!
761051
Lenders are increasingly concerned with the level of fraud inherent in stated income mortages.  When it is a HELOC it is even tougher because the lender is in second position and there is substantial risk if the borrower defaults.\n\nCouple that with a low credit score and you have a real problem.  You need to go talk to a lender that specializes in subprime home loans.  Try Novastar.
541848
There are indeed ways to by a house even with poor credit.  The powers that be do understand that people have to live somewhere and pay, so they do loan people money.  Nowadays, one can even find homes to buy with very little or nothing down.  Usually the penalty for bad credit is higher interest rates though.
327448
No but a credit score of less than 550 means you will have no chance getting a loan. Less than 620 will lead to you paying higher rates. 620 to 650 is average while above 650 is a very good score. Credit scores range from 375 to 900.\n\nYahoo! Finance offers a free credit score here.\n\nhttp://en.wikipedia.org/wiki/Credit_score
1063403
You can have a pretty low credit score and still get a loan. The only thing is, it may be a really bad loan. It might have lots of fees and a much higher interest rate.\n\n**Edit:\n\nI have read that some people got loans with scores as low as 530, but they admit that the terms of the loan weren't the best.
899623
yes there is a way, some banks allow you to do what they call "stated income, stated assets" that is a program that allows the borrower to state their income to whatever (within reason) to make them qualify for the loan. The down side is the intrest rate is a little higher than normal usually about .50 of a %. with that kind of down payment I could get him into a home fairly easy, and depending on his credit score he may not have to put all of his money down. email me if you are intrested, i can give you more advise or even help you out with it.
702038
Speaking as a nationally known personal credit score and mortgage loan expert....\n\nIf your scores are in the lower middle 400's, there is not much further down you can go. You are 240 points below average and 80 points above the lowest score possible.\n\nI wouldn't worry about your scores going lower if I were you. I'd worry about what got you into the situation where you are -- completely not worthy of credit and never allow that to happen again.
1165899
Don't know any lender that will not check credit when you are asking for financing. Most hard lenders will not require the typical credit score that a bank or a lender would require. For example, I was able to place a client with a 520 FICO with a hard money lender. The interest rate was not that bad, but it was higher than normal rates. You would have to talk to a mortgage person that has contact with people or groups that privide private financing. Hope this helps, contact me directly if you have any questions.