Check out some similar questions!

INQUISITIVE033 · Aug 5, 2007, 12:10 PM

Is it possible to get approved for a home loan with credit scores of 599 and 557? My husband has the higher score and makes the most money.

Thanks

Fr_Chuck · Aug 5, 2007, 12:12 PM

You will need to work with a mortgage broker, and expect to pay a higher interest rate and need a larger down payment

INQUISITIVE033 · Aug 5, 2007, 12:42 PM

Thank you for such a quick response.

DianeV Sr Loan Officer · Aug 11, 2007, 06:08 AM

Ask about anFHA mortgage first. Need 3% down and seller can pay closing costs. They are not as credit sensitive but will look at your whole picture as well as credit. It MAY be a possibility.

excon · Aug 11, 2007, 07:12 AM

Hello I:

If you can't qualify, there are lots of unorthodox methods of financing a home purchase - especially when the market is down like it is today.

excon

DianeV Sr Loan Officer · Aug 11, 2007, 03:27 PM

The funky financing market is going down the drain. Listen to the news. The subprime guys are drying up and it is becoming more difficult to get the "creative" loan. And frankly, you don't want one. If you cannot get the FHA, work on getting your scores higher. Subprime will get you a higher rate and possibly a prepayment penalty. That means if you sell the house within a certain amount of time you pay the lender a penalty. Sometimes 3-4% of the mortgage amount. That amounts to thousands of dollars. Sometimes the right thing to do is wait things out and just work on the credit.