How do get home loan(100% financing) with bad credit 560 fico score???
i have a very good job history, and good credit for the past 4 years, but before that a couple of car repos and a few charged off credit cards, but every tells me that you have to have above 580 credit score to get a 100% loan. i have a very good job history,good income and good credit for the past 4 years, but before that a couple of car repos and a few charged off credit cards, but every tells me that you have to have above 580 credit score to get a 100% loan
Public Comments
- with a lot of money to put down.
- IT'S GOING TO BE HARD TO DO, TRY A OWNER FINANCE, HOW EVER THEY WILL PROBLEY STILL WANT SOMETHING UP FRONT
- Either it will be very hard or you will have a very high interest rate - trust me there's a huge difference between something like 6% and 11%. However, a lot of mortgage companies focus on your history from 2 years ago or 2004 onward. Have you been paying your bills on time since, then you may get an exception but I would be sure you work with someone who's really good and not tell you that your credit score is bad - I hate when they do that. Keep asking around about good mortgage brokers/bankers. Trust me I did that and I was able to reduce my payments by $320! Or keep paying bills on time for another 3 - 6 months that should help too! Also inquire about an 80/20 financing with no down pymnt - interest rates are usually a little lower. Good Luck!
- A 580 fico score is the minimum needed for an 80/20 or 100% financing. The good news is that you can fix your score. If you look at your credit closely there is either something wrong or something that can be fixed. A good mortgage banker can do what is called a "rapid rescore" and correct and/or adjust your score in about two weeks. Email me if you need more help.
- We have a really good chance of getting you financed depending on the state you live in. Get in touch with me ASAP. True, you may have a high interest rate at first however you can refi in 6-12mths and lower your rate/payment. Call me at 877-LOAN-103 and ask for Josh.
