0
Yes you can find lenders that will do this, but they will go through FHA and since FHA is now credit driven, you will get hit with a rate bump, which means you will be paying alot higher rate than the national average.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What effect does a credit score have on a mortgage?
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
Can you get a mortgage if you have about a 600 FICO score and your wife has around a 650 score?
If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.
What is the difference between a mortgage score and a credit score?
A mortgage score is a specific type of credit score that is specifically designed for mortgage lending purposes. It focuses on factors that are particularly relevant to mortgage loans, such as payment history, debt-to-income ratio, and the presence of any past mortgage-related delinquencies. While a credit score is a general assessment of creditworthiness, a mortgage score provides a more targeted evaluation specifically for mortgage lending decisions.
Can you get a mortgage with a credit score of 500?
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
Where can I find a mortgage company that will approve a mortgage when I have a 553 credit score?
There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.
What effect does a credit score have on a mortgage?
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
Can you get a mortgage if you have about a 600 FICO score and your wife has around a 650 score?
If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.
What is the difference between a mortgage score and a credit score?
A mortgage score is a specific type of credit score that is specifically designed for mortgage lending purposes. It focuses on factors that are particularly relevant to mortgage loans, such as payment history, debt-to-income ratio, and the presence of any past mortgage-related delinquencies. While a credit score is a general assessment of creditworthiness, a mortgage score provides a more targeted evaluation specifically for mortgage lending decisions.
Can you get a mortgage with a credit score of 500?
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
Where can I find a mortgage company that will approve a mortgage when I have a 553 credit score?
There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.
How can I get a mortgage with bad credit?
It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.
What is the average expected credit score to receive a mortgage loan?
There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.
How does a persons credit score affect mortgage credit rates?
Actually the better the credit score the better are the offers for a mortgage credit loan. In general the interests offered for a new loan depend (besides others) directly on the credit score.
Can you get a mortgage with a 581 credit score?
NOPE
Can you get approved with a credit score of 502 with a mortgage?
no.
A credit score is?
Credit score is ranges from 300 to 850. Credit is a evaluation of your credit card bills, mortgage and other loans.
How much will your credit scores increase after paying off a mortgage?
Your credit score will decrease after paying off your mortgage if everything else remains the same. Our credit score has been decreasing since paying off our mortgage 5 years ago. The suggestions for increasing our credit score were to take out a mortgage or take out a car loan.
