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    reeser's Avatar
    reeser Posts: 1, Reputation: 1
    New Member
     
    #1

    May 27, 2008, 09:54 AM
    I need ahome loan
    I aaplied for a home loan and was turned down;my credit score was 444 and my middle score was 377.Can someone approved a home loan for me with these credit scores?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
     
    #2

    May 27, 2008, 12:21 PM
    You mention that you were turned down; did you apply with more than one lender? Or, are you using a broker?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
    Expert
     
    #3

    May 27, 2008, 03:04 PM
    Most likely with those scores, no, unless you have a large down payment. You could look into contract for deeds and the such. But with such a low score you need to work hard at cleaning up your credit scores before thinking about buying anything else
    Loan_Guy's Avatar
    Loan_Guy Posts: 83, Reputation: 6
    Junior Member
     
    #4

    May 27, 2008, 07:54 PM
    reeser,

    I hate to be the bearer of bad news, but your middle score needs to be much, much higher before you will qualify for a mortgage. Even if you could get to the high 500's, you would also require a down payment of some type. Often times, FHA is the way to go, but...

    1. Most lenders need a minimum of 580 middle score now.

    2. If you have recent negative activity on your report, you may not qualify either.

    My guess is with scores like that, you probably have few if any positive tradelines and many derogatory remarks such as judgments, collections, charge-offs, etc.

    You really need to talk to a mortgage professional who is able to get you into a credit restoration program. Don't expect overnight results, but with some hard work, you may be able to increase your scores. Just be careful who you use, as there are some companies that can hurt you more than help and others that are operating under the radar of the FTC and the Credit Repair Organizations Act.

    Then you will have to worry about debt-to-income ratios, but you can cross that bridge later on.

    LG

    PS. I would make a recommendation for a credit restoration company, but I do not want to violate any TOS agreement and get in trouble. I enjoy these boards too much! :)

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