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Answer Sure, although you may have to come up with a larger down payment than someone with a credit score of 700.
Typically speaking, yes. A mortgage loan acts as an installment loan, which if you pay on time on a regular basis, and your balance goes down each month, it can certainly …help your credit. That being said, just one or two MISSED mortgage payment can have a huge negative impact on your credit score. 30% of your credit score is determined by your payment histories and a huge chunk of that 30% is your mortgage payment. If you are talking about a REFINANCE mortgage with which you consolidate debt, that can have a huge positive impact on your score because your revolving account balances drop to zero. High balances on revolving accounts (like credit cards) have a large negative impact on your score. You never want to carry a balance on a credit card that is more than 50% of the credit limit. While it's true that refinancing can help you consolidate high-APR credit card debt, and reduce the associated balances, a refinance will likely lower your credit score in the short term. Also, you are exchanging unsecured debt with secured. If you cannot make the payments, you are facing foreclosure or a short sale. This happened to many folks during the 2008 subprime downturn, so be very careful. Essentially, any time you apply for new credit, you appear as a higher credit risk to other lenders, so your credit score will drop as a result. But long-term you'll improve your financial position if you make timely payments on any new loans.
Answer . Sure, it just won't be at a very good interest rate.
The short answer is yes. However, there are several variables involved here. Your income level compared to your debt load is a major factor. I close loans every week where the… credit scores are lower than 580. You need to contact a mortgage expert.
It is possible to get a mortgage with a score of 603. However, the interest rate and down payment terms may be very difficult to manage.
How do you get your mortgage payments counted on your credit score if you are on the deed but not on the mortgage?
Refinance the mortgage with you listed as a borrower. You will not be reported to the credit bureaus by being listed on the deed since you have no obligation to pay the debt.
eliminates the old mortgage, otherwise no effect
Yes you can find lenders that will do this, but they will go through FHA and since FHA is now credit driven, you will get hit with a rate bump, which means you will be paying …alot higher rate than the national average.
It is highly unlikely that anyone would loan you money to buy a house with that score in this market. A score below 500 means you have some serious derogatory items on your cr…edit report and/or you haven't established enough credit history. Lenders want borrowers with a long history of good credit". Take steps to improve your credit.
Currently, it is tough to get a mortgage even with very good credit. 730 is about average so a score close to 800 has a good chance of getting approved.
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
650 and above
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he …gets a higher mortgage rate.
Someone interested in finding out about their mortgage and how their credit score is affecting it should make a meeting with their bank. One could meet with a financial adviso…r who could answer all financial questions.