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Your credit score is 507 what are your chances of getting a home loan?
Wiki User
∙ 16y ago
A low credit score, by itself, will not prevent you from getting a home loan. The main things the lender looks at is your ability to pay back the loan. The credit score is just one of many tools they use.
You will probably have to agree to a higher interest rate, or pay a larger downpayment. You will more likely be required to include PMI along with your payments.
If you have a good, steady job most lenders will try to work something out for you.
Wiki User
∙ 16y ago
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Will multiple credit card inquiries affect the chances of getting a home equity loan?
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
Is having a 600 credit score hinder me from getting a home loan?
Hi, I think it will be hard on you. I got denied many times with a 680 credit score. I thought that was a high score.
Why do credit scores matter?
If your credit score is low, it can affect you renting a home, getting loans, or even getting a job. usually having many credit cards, or having credit card debt, can make you have low score. xD SWAG
When buying a house, will a loan company tell you your credit score?
Any type of loan company you talk to will be able to let you know your credit score. As long as you have a really good credit score you should have no problem getting a second home.
My Credit score is 764 what rate should I expect to be getting for a home mortgage with no money down or can I even qualify for such a loan?
I have the exact same credit score but with about $10,000 to put down. How did you do?
Will multiple credit card inquiries affect the chances of getting a home equity loan?
Multiple inquiries will not affect your chances, the only way it would affect you getting a home loan is if your credit score was impacted. Be careful with applying for credit cards, the inquires affect your score negatively.
Is having a 600 credit score hinder me from getting a home loan?
Hi, I think it will be hard on you. I got denied many times with a 680 credit score. I thought that was a high score.
Why do credit scores matter?
If your credit score is low, it can affect you renting a home, getting loans, or even getting a job. usually having many credit cards, or having credit card debt, can make you have low score. xD SWAG
Credit Score and Credit Go Hand-In-Hand?
In a time when most people need to borrow money from a bank to own their own home or purchase a new car, knowing what a credit score is and how it affects your borrowing ability is very important. A lender will use your credit score to deny or approve your credit application, as well as to determine how much interest they should charge you. The lower your score is, the higher your chances of a denied application or an unfavorable interest rate. Understanding how lenders view your credit score will help you assess your chances of a successful loan.
When buying a house, will a loan company tell you your credit score?
Any type of loan company you talk to will be able to let you know your credit score. As long as you have a really good credit score you should have no problem getting a second home.
My Credit score is 764 what rate should I expect to be getting for a home mortgage with no money down or can I even qualify for such a loan?
I have the exact same credit score but with about $10,000 to put down. How did you do?
What is the average credit score needed for a home loan?
The average credit score need to purchase a home is 620.
Is 650 a bad credit score?
The credit score 650 is really not that bad. With a 650 credit score you can finance a home or car.
What should my credit score be before trying to purchase a home?
When you are getting a home they like to see your credit score 620 and above to get preapproved for a loan. But in order to get better rates for loans they usually want to see your score in the range of seven hundred. They may be more forgiving if this is your first home purchase.
Is 391 a good credit score?
It's just aweful. You need at least a score of 650 or higher to get most home loans and car loans at reasonable rates. Try getting some secured credit cards to raise you score.
Can you get a home depot project loan with a credit score of 620?
It is possible to get a Home Depot project loan with a credit score of 620. Home Depot will pull a credit report to determine eligibility of a credit loan.
What should my credit score be to get a home loan?
The higher the credit score you have, the better chance of being approved for a home loan. You may still get a home loan on a lower score, but the payments and interest will be higher.
