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Old 12-06-2008, 11:52 AM
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Default credit score needed for mortgage loan?

my credit score is 577 and my co-borrowers score is 750+ , we both have stedy jobs and make decent amount of money..will the lenders approve me for a $65,000 home?????? ANYONE?? or for any amount??
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Old 12-06-2008, 01:17 PM
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Maybe, depends on why your scores are low and how much income you have and how much your co borrower has. The $65000 loan amounts sounds really low so probably. FHA is the best way to go for marginal or weak credit these days. If you have had no derogatory credit in the last 12 months, you have paid all outstanding collections, you have 3 years of continuous employment history and the total of all of your monthly payments will be under 38% of your income it should be easy. Your co borrower will definitely qualify if they can afford the payment, maybe the co borrower should go on the application first and put you on second
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Old 12-06-2008, 03:26 PM
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yes its possible for you to get a home loan with the credit score of 577.don't worry its better for you to try for an online loan.some banks in online also lend loans even you have poor credit too.i think that the below website will help you to find right solution.
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