My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intre

the way the market is today you probably won%26#039;t get approved for a loan and if you do the interest rate will be sky hi.

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

Well that all depends on what type on loan you are trying to get. Most interest rates average out to be 12% of your annual morgage rates. All other billing and payments are taken into accounting when getting a home loan meaning if you were ever late on your bills or payments whether they be rent insurance electric etc. Assuming you paid your bills on time the interest rates for your loan can be substantially lowered.

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

There are some other factors that are important such as income, assets, and job stability. That score is pretty low and probably wont qualify for a conforming loan but if you a 1st time homebuyer you should go the route of 1st time homebuyers programs and down payment assistance. Also FHA might be the route to go if you don%26#039;t make too much. It%26#039;s too hard to say for sure with just a credit score

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

You%26#039;re probably going to have to raise your credit score to get a good interest rate. Do do that:

1. Run a credit report and see if you have any delinquent payments.

2. Pay anything delinquent.

3. Pay off credit card debt

4. Pay off outstanding debt or at least trim some of it.

You may need to get a co-signer.

The other thing you can do is get an interest that is a little higher up front, raise your credit score over the next year, and then re-finance at a lower interest rate.

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

585 is minimum credit score for an FHA loan. Its a matter of if you are qualified and not how low of a rate you qualify for.

Its unlikely that you will qualify for a mortgage but if you do your options are going to be very limited. Don%26#039;t go to a broker go to a direct lender, and dont chase the pot of gold at the end of the rainbow or you%26#039;ll find out the hard way that the pot of gold doesnt exist.

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

You can%26#039;t--that is a pretty poor credit rating.

You might be able to get a %26#039;Land contract%26quot; if the seller knows you are good for it.

Put off the home-buying for a while, and work on your credit rating instead. Cut up any cards you have, and spend all you can on paying the card debts down. Get a consolidation loan if you can get it for less interest than the card charges.

Do not EVER be late for any bills, and within 2 years (if you do all this), your rating will be up there so banks will beat down your door to loan to you.

Trust me--it is worth the wait, because you will pay FAR less for your home!

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

why are you guys credit rating so da*n low...i mean what are you doing skimming out on all your paymetns lol?

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

So you think that you%26#039;re ready to buy your own home? Hopefully you%26#039;ve done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than ever%26lt;!--It%26#039;s also important that once you receive a preapproval you get busy right away looking for your new home. The reasoning for this is that with the mortgage meltdown lenders are changing their lending programs as quickly as Paris Hilton changes her boyfriends. Scary, huh?

http://mortgages-finance.awardspace.com/...

At this point you will let the mortgage broker now how much you would like to get preapproved for. The broker will then take a full mortgage--%26gt;loan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

With such a low credit score...I can%26#039;t see any bank giving you a decent rate.

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

A few years ago there would be lenders lined up to give you a loan, but with the credit crunch and the housing slump. FICO score requirements has gone up tremendously and guidelines have tighten up. You will have a difficult time finding a lender that will qualify you with a score that low, and if they did it would be a high rate.

I suggest that you work on your scores, build a good down payment of 20% (in this market if you don%26#039;t have 20% down, I highly suggest you don%26#039;t buy a house). Make sure your debt to income ratio is no more than 50% including all credit obligations, auto loans, future repayment of student loans, and don%26#039;t forget to factor in the principal, interest, tax and insurance on the new home you want to buy as part of your ratios.

You will find it much easier to obtain a loan if you follow these simple rules and you%26#039;ll be more happy with the rate that comes with a better FICO score.

FHA will give you more flexibility, conventional will give you more options and discount with the perfect profile.

Working in the industry as a mortgage consultant/officer for 10+ years at Countrywide Home Loans. 626-927-3505. Call for your free mortgage quote today!!

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

In short, probably not. You MIGHT be able to get financing, but the terms will be unsavory to your bank account (ie: high interest rate and/or large amount as a down payment to secure the loan) With a credit score like that, you%26#039;d be a very big risk for the bank.

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

Watch them.they are every where.who i am talking about?SCAMMERS.they have reck me and my family.I needed a loan of $7,000 but i end up paying up to $3,000 without getting my loan.All hope was lost until i saw an answer directing me to spring loans inc.My loan was giving to me within two days of application.If you really need a legit lender,dont listen to all those fake lenders out there who are looking for poeple rip off of their money.Please my dear,i will advice you to go striaght to spring loans.Here is their address.springloans084@yahoo.com.They will help you without stress.

Thanks

Helen Peters

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

If you have been looking for some great ideas, Here is the place you should have a look.http://homeloan.online-assistant.info/fa...

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

Good finance question! I know of an organization that gives up to $1500 to people to help them with their rent or mortgage. It%26#039;s available in most US cities, I highly suggest you check it out.

http://www.money-for-house-mortgage-rent...

Best of Luck.

My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

Hello Dear,

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My credit score is 586 and I am looking to buy my first home? How can I get a good loan w/ low intrest rate?

FHA will be your only chance to get a loan with a decent rate unless you have a huge (minimum 30%) down payment. There is a lot of mis-information on this page so you need to talk to a professional. FHA does NOT have an income cap. You could make $1,000,000 a year %26amp; get an FHA loan if you wanted one as long as it was going to be your primary residence. Please call a Mortgage Banker %26amp; find out what you can do. She may even be able to help you raise your score by correcting things. Ask if they offer Rapid Resolve.