My credit score is 540 is there still a chance to get a home loan?
I filed for bankruptcy a year and a half ago due. I am current on my bills. I make about $65k a year. I filled out an application with Countrywide 2 weeks ago and never heard back. I have left the loan officer several messages. I'm guessing it was denied but i never recieved any type of notification. I only have about a 5% downpayment. Is it still possible to get qualified for a loan with less than perfect credit?
Public Comments
- I would guess your chances are very, very slim.
- its not as easy as before but there is a good chance and try your bank better than countrywide and 5% is actually good compared to 0% like alot of people also theres a lot of programs coming out to assist in home buying for example if you go for a new house theres things like all new apliances they pay your closing cost and no payments for 6 months theres lots of things and on used homes try to negotiate the owner to pay your closing cost that way all the 5% goes in as equity good luck
- With a bad credit score, you would need to come up with more of a downpayment. Right now, giving you a loan would be too risky and if anyone did say YES, the interest rate would be very high. Rent for a few more years and build up that credit score.
- I am sure there is a lender that can help you.. you need to look around and see what lenders have to offer... some deal with bad credit... here is the lender i used, he offers mortgage loans in California, if you live there i would suggest you try him.. http://www.derekbeisner.com/index.asp
