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550 credit score need financing for 3-flat unit? |
My score is 550, I owe $800 on credit cards and I have a Bally's account. Paid off ALL of my older debt. I would like to get a 3-flat unit (will live in one of the units). I have money to put down on the unit about $7K for closing costs and deposit. My salary is $50K, I have a total of about $500 in monthly bills (school loans, car insurance, 2 credit cards)(excluding rent). The property I'm considering is about $400k. Under current conditions, I would suggest that you use some of the savings to pay the remainder of your cc debt. That will raise your score. Because of the number of defaults nation wide, you may be hard pressed to find a lender who will finance you with a 550. Most lenders are moderately comfortable in the 580 range. You should first look into enhancing your credit scores to optimize them. If you have already performed "score wizard" or something similar then you now need a sub-prime bank that will lend at such a high LTV. The good thing is that those banks are returning those products back to the streets. If you tell me what your annual income is, what the loan amount you are going for, and what your other monthly overhead is, I can tell you which is the best bank for you and your approximate interest rate will be. We may be able to help you. Please go to If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate.Only few companies provide loan with poor credit score.Check out link for details. |
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