Credit score 561 414,000 new home in ga 15 ,0000 down Can I get a loan?

1) well that is kinda tough. lenders are really hesitant to hand out loans in the subprime market for <20% down. If you do manage to get a loan, the interest rate will be very high. nobody wants subprime on the books now. If I were you I would rent and try to save some more, while paying bills on time to raise your credit score.

2) It's going to be pretty tough. There aren't even very many subprime lenders left and the one's that are are being VERY careful right now. If you had a significant downpayment you might have a chance. A few years ago might have been able to "piggyback" - take out a home equity loan to get to 20% to qualify for a standard loan. I don't think anyone's doing that anymore. Or if they are it's going to be VERY expensive. Given the market you're interest rate may be the least of your worries. You could start losing money on the house as soon as you buy it which means you're loan will be more than the house is worth. Leaving your financial situation aside I'm not sure this is the best time to buying anyway. But everyone has as a diffent opinion about that.

3) That is a fairly expensive house and not much down. Your credit score is also quite low, this will not help at all. Given these factors and the recent slowdown of the realestate market nationwide I would have to say no you wouldn't be able too. IF you do the interest rate will likely be high. You can try FHA housing but even they tightened there recent crtiteria. Your score of 561 may vary somewhat, I dont know if that is a fico score, or some score that you got from a independent credit bureua like experian for example. Most housing lenders pull whats called a Tri-Merge credit score which is usually not as forgiving as other scoring models. Again my best guess is to hold off and work on your score. Don't give up many people work for months on repairing credit then get frustrated when they still can't qualify after a certain amount of time. Just rent and keep bringing your score up. To your benfit housing prices will only continue to come down in the forseeable future. When you are qualified you will probably get a great deal.

4) Not a chance, ever. There is a reason why your credit score is so low. You haven't paid your bills. Therefore they will not give you a loan under these conditions.

5) If your score is that low 414, you probly have some unpaid/ unresolved collections. The banks are not going to lend to you if you have an collections, you will need to pay for them first and then talk to a mortgage broker to see what they can do. If and only if you have good provable income (not stated) after paying for your collections you may be able to get a loan. This is not a good time to try because banks are changing lending standards. I know all of this because in a formal life i was a mortgage broker. I know help people boost their credit and business credit. However I have the belief that anyone with will and drive will get what they want. Do you have someone with better credit and willing to sign for you. That might happen then. Hope this helps you. Belief in ones self+ Research+ Determination= Your Goals Good luck. www.excelurcredit.com



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