500 range for a home mortgage?

mary s asked:


Would any bank or credit union finance an applicant for a mortgage with a 567 credit score? I have a positive car note history (no late payments) and a credit card with no late payments. The negatives (4) that weigh my credit history are “charge offs” with a telephone company 5 years ago and a medical bill (collection account). All totalling $1,200.

Kyle

Tags: Credit Card, Credit Score, Late Payments

This entry was posted on Friday, May 29th, 2009 at 8:01 am and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “500 range for a home mortgage?”

1. SpecialK Says:
   May 29th, 2009 at 12:06 pm

   Willie

   You can find a lot of crafty mortgage brokers out there, but be careful! I would think that you wouldn’t get a good rate because of a low credit score.

2. outdoorgirl_72 Says:
   May 30th, 2009 at 10:47 am

   Karen

   I have been a real estate broker for awhile now and have seen people with problems like yours get together with a good mortgage officer and get those things taken care of very quickly and then go on to purchase a wonderful house with really good interest rates…the best thing to do is work with a mortgage officer in your local area… that way you can have them explain things and show you exactly what needs to be taken care of and how to do that.

3. grierGRIER h Says:
   June 1st, 2009 at 9:14 am

   Elmer

   Credit scores can range from pretty much 400 to a little over 800. I view credit reports daily for home mortgages. Good credit would be 650+. Excellent credit 720+. Credit scores below 600 will NOT qualify for the best interest rates that are available. This is less than perfect credit and may require a subprime loan at a higher rate. Read more from: