Home Loan VS Credit Score?
There is much more that goes into buying a house than your credit score. The credit score determines if you can qualify for a loan and what the interest rate is. In addition, to get a loan you also need solid employment history = 2 years working in the same field, preferably in the same job. Your income determines how much loan you can afford. You can typically purchase for 3x your annual salary. If you make $20000 per year, you can purchase a house for around $60000. To purchase a $160,000 house, you need income of about $54,000 per year. Depending on what area you live in, you might not be able to get homeowners insurance if you have a pitbull. You can't get a mortgage, if you don't have homeowners insurance. If you lie and say you don't have a pitbull when you really do, the mortgage company is legally able to re-call the loan (this means you have about 30 days to pay the loan in full). For $160,000 house, mortgage and interest payment will be closer to $800 per month (than $600). This does not include insurance or property tax (this costs vary greatly from state to state but at the low end I think you are looking at about $1200 a month). On top of that, you also have maintenance. When you have a mortgage you are required to keep up on maintenance. To answer your specific question = can you get a loan for $160K? We don't know. We don't know your employment history or your income. So we can't even guess. Add'l info: Why do you thumbs down people who give you accurate information. Just because it's not the answer you want, it doesn't make it incorrect. And it provides you the information that you can strive to accomplish.
Can I get a home loan for $500,000 if my credit score is only 610?
Do you have adequate income? Do you have a down payment? Those matter every bit as much as credit score.
Credit score 599 home loan?
You should wait 6-9 months and try to get your credit score up. Also during that time the housing market will probably be worse, meaning better for you with so many desperate sellers.
How do you qualify for a home loan with poor credit?
f you are not in good financial shape when you apply for a mortgage, you will likely be turned down.You should get pre-approval so you can figure out what your payments will be. Do your shopping to see what rates you can get. Once you find out this information, you can easily calculate your monthly payments.Next, Have all financial documentation organized before applying for a loan. If you go unprepared to a bank without necessary paperwork such as your W2 or other income documents, you will not get very much accomplished. Your lender is going to want this material; if you have it handy, you can save multiple trips down to finance office.Even if you are far underwater on your home, HARP might be an option for you. Prior to the new program rules, homeowners would apply and get denied for a new mortgage. See if it can benefit you by lowering your mortgage payments.Also, it's beneficial to Learn the property tax history of the home you are planning on buying. Know what the property taxes are before you sign any papers. If the assessor thinks your home is worth a lot, your taxes may go up a lot.Friends can be a very good source of information when you need a mortgage. You will likely learn a lot from their prior experience. You can avoid bad situations by learning from their negative experiences. If you discuss your situation with a number of different people,you will learn a lot.Reach out for help if you are having trouble with your mortgage. If you cannot seem to make the payments each month, look for counseling services. Your local housing authority will have recommendations for credit counseling services that you can use. By using HUD-approved counselors, your chances of going into foreclosure are lower. Call HUD or look on their website to locate one near you.Most people endure the stressful process of applying for a mortgage in order to purchase a home. However, you shouldn’t stress out about this. If you just go through the key components of mortgage approval process things start to ease to a greater extent. Use the tips shared here and get through the process in a smoother manner.Apply for mortgage online
Is a credit score of 516 to low to get a home loan?
There are lenders that will loan money to just about anyone for just about anything, especially if it is backed with collateral (the house in this case.) Just be prepared to have a very high interest rate. Before you start looking for a home loan, you should probably work on getting your score up. Bring everything current and pay off as much as you can. Get rid of extra credit cards, keeping only a two or three with limits to match your income.
Is is possible to get a home loan with a credit score of 487 or 507?
Both of the last answers are mostly correct. It will be very difficult to get a mortgage with these scores, and I'd be careful about the person/company that does offer you one. There are NUMEROUS reasons why you may want to wait. You definitely want to take a few months to repair your scores and also save for a down payment. Both of these factors will substaintially reduce the interest rate you will be paying on the loan when you get it. Keep in mind that the bank is actually telling you something when you get denied or charged an outrageous rate...basically they're telling you that you're a huge risk of not paying. There has to be some reason that your scores are that low in the first place so don't stretch yourself with a payment you can't make. Debt causes a vicious cycle....by being a higher risk of default, they charge you a higher rate, in turn that higher rate makes your payment much higher and only earns the bank more money. The poor getting poorer cliche. Speak to professionals for additional help.