Is it possible to get a loan with a credit score in the mid 500's or should I be looking for a rent to own?

(0) | asked by: Anonymous | share | 34 months ago | Report

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answer by Adrian Provost   |   Visit My Website   |   Contact Me
I would suggest consulting with a reputable mortgage lender.. They'll be able to guide you through your financial obligations and the lending process.
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28 months ago  |   Report   |   share
answer by Cheryl Talbot   |   Visit My Website   |   Contact Me
Let me suggest getting with your bank to see what they may recommend to you. Most all banks have mortgage divisions and know what it takes to assist in getting the funds to buy a home. They also are the experts in the business. They understand the ins and the outs of the business. If they can't assist you they would certainly know who to refer to you. Please try this first for the best answers. Thanks
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28 months ago  |   Report   |   share
answer by Tim Saxon   |   Visit My Website   |   Contact Me
many lenders require a score of 640 for several loan programs. while we have the ability to go down to 540 we do not and those that do significantly restrict the allowable debt ratios and require an additional down payment (usually 10% or higher rather than 3.5%). If you're in the mid 500's now and you'd like to find out what's needed to get your score up to 600 feel free to reach out to me directly. we routinely work with home buyers in your situation and I welcome the opportunity to help you if I can. please note we do not provide "credit repair services" nor do we charge for information. thanks, Tim
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29 months ago  |   Report   |   share
answer by ALVIN KING GRI, B.A.   |   Visit My Website   |   Contact Me
As you can see from the various answers that you have received, it may or may not be possible. The best way to find out is to meet with a Lender and let them examine your situation. You may be pleasantly surprised. Good Luck!
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33 months ago  |   Report   |   share
answer by Brad Fielding   |   Contact Me
While I respect all the comments you have received, the overall answer is yes by exploring all your options. Those may be tradtional or more creative. Rent to own is only one of many ways to purchase real estate. The fact that many buyers default should NOT deter you unless you plan to fail to default yourself. I have been involved with many successful transactions benefitting both the buyer and seller.
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33 months ago  |   Report   |   share
answer by Nancy GASTEL   |   Contact Me
Try rent to own or write me the address and I will see if I can help you find a private investor to hold your mortgage. Please email me - Nancy
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33 months ago  |   Report   |   share
answer by Dale Falkowski   |   Visit My Website   |   Contact Me
I've been told 580 will work but finding a lender to actually do that is a problem. On the rent to own here is something to consider. If you were a seller why would you do rent to own? 1. Because on rent to own you can get a higher price for your property. 2. You know the buyer has credit issues or they would just buy, so the seller can charge a higher interest rate. 3. if buyer defaults, and 90% do default, the seller keeps the down payment. my question to you the consumer, considering all this why would you want 'rent to own?" I've never seen one that I thought was a good deal for the buyer! Your Choice, Choose carefully.
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34 months ago  |   Report   |   share
shirley Jordan
answer by shirley Jordan   |   Contact Me
This credit score may present a problem, but the only way to know for sure is to contact a loan officer with this question. Please call me for the name and phone number of a loan officer.
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34 months ago  |   Report   |   share
Michael Parker
answer by Michael Parker   |   Contact Me
Typically lenders can go down as low as 580 these days. However, I may be able to assist you with increasing your credit score. Contact me for a free consultation. I have worked with realtors and mortgage professionals for the past 8.5 years to help people in your situation.
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34 months ago  |   Report   |   share
answer by Terry Williams   |   Visit My Website   |   Contact Me
It is going to be extremely difficult to obtain a loan with a credit score that you mentioned. Generally, one would need a credit score of at least 600-620 to qualify for a loan. Rent to own packages may not be an option either with a credit score of less than 600. My suggestion would be to fix the problem(s) of why your credit score is less than 600 and proceed accordingly after your score has attained 600 or better. Good Luck!!
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34 months ago  |   Report   |   share
answer by Tanya Jones   |   Visit My Website   |   Contact Me
It is possible with a minimum score of 580.... give me a call to discuss your options and see if I can get you in touch with the correct loan officer.
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34 months ago  |   Report   |   share
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