Posted by E.Eka on August 23, 2004 at 14:12:04:
Do you do 100% loans for non occupied units?
Take the no spam out of my email.
credit score - Posted by C
Posted by C on August 21, 2004 at 13:22:51:
How bad is a credit score of 544? How good of a credit score do I need to be able to get a home loan/mortgage??
Re: credit score - Posted by Pat
Posted by Pat on August 23, 2004 at 16:25:49:
It seems that 620, 680 and 720 are the thresholds.
Each time your score crosses one of those marks, the terms get better. I am sure that it will vary for each lender, thats just my personal experience. My score was 576 two years ago. Now it is 733. So I have crossed each and it got easier each time I went above those scores. You will proabably have a hard time getting a loan (not impossible though) on a non-occupied until you cross 620. It does not take long to get there though if you pay your bills.
Good luck
Pat
Re: credit score - Posted by Jesse
Posted by Jesse on August 21, 2004 at 21:34:12:
Your scores place you in the subprime category. If you have at least a middle score of 500, many lenders will still finance you. You would need between 15-20% down. I do alot of these loans for people with those scores.
Jesse
Re: credit score - Posted by Drew
Posted by Drew on August 21, 2004 at 15:19:05:
Depending on the credit agency that scored you, you are in the bottom 5-10% of the U.S. population. A score of 600 is the 15 percentile mark for Equifax. About half of all Americans have a score of 725 or better. About 10% of the country has a score of 800 or better.
Different lenders have different qualification criteria, but there is probably a lender out there that will write the loan for you. You will be seen as higher risk, however, and will probably pay a higher interest rate as a result.
Best,
Drew