Home Mortgage with 530 credit score?
I have a nice size down payment and I have had a steady job for 6 plus years. I am working on my credit. Where can I get a home loan with a 530 credit score???
- JudyLv 71 month ago
not going to happen.
- DevorealLv 61 month ago
With a 20% or more down payment a good steady job history going back at least 5 years most places...generally your bank or credit union will give you a mortgage loan.
But- this is your problem: a 530 credit score is terrible...it is the scrapings out of a truck stop toilet. You will get an interest rate of 14% to 23% on your home loan.
For a $200,000 home with a $40,000 down payment you will wind up paying well over $500,000 in INTEREST over the course of a 30 year mortgage. That is more than your house will appreciate to in 30 years.
If you wait and get your credit score up to 630 you can get an interest rate of 5% to 8%...that means over the course of a 30 year mortgage you will pay only $266,000 in INTEREST over 30 years.
If you can get your credit score to 730 you will be able to get a 3 to 4% interest rate and at 3% you will only pay $84,000 over the course of 30 years in interest payments.
- ?Lv 71 month ago
You probably can't and wouldn't want to. The interest rate will be much more than advertised. Most companies won't loan to anyone with less than a 700 score. You could try going FHA or one of the first time home buyer offerings that includes credit counseling.
- A HunchLv 71 month ago
Maybe the Gramps & Grandma credit union.
I think even the Bank of Mom & Dad will not offer you a mortgage.