rjc311 Posted October 10, 2003 Report Share Posted October 10, 2003 Hi Everyone...I am just curious about something. My score with the CRA's is running around 550 on average. I haven't gotten the score from myfico yet so I went there and noticed on their home page they have this chart:FICO® Score Interest Rate 720 - 850 5.798% 700 - 719 5.923% 675 - 699 6.460% 620 - 674 7.610% 560 - 619 8.531% 500 - 559 9.289% Does that mean that I would actually have a chance to get a mortgage with a score like mine? I mean, they show a 500-559 range in the chart. Now I realize that there's more to approval than just your FICO score but I'd like to know what the experts think. Is it possible for a person with a FICO of 550 to get a mortgage?(Of course i am working hard to bring this score up but I would still like to know) Thanks to all! Link to comment Share on other sites More sharing options...
firstsource Posted October 10, 2003 Report Share Posted October 10, 2003 I do loans with as low as a 500 score, as does amortgageman I am sure. It is sad to me that many people with scores like yours assume that they can not get a home, and they can. It normally takes 5% down however, but if the score is over 560, 100% is possible. RE: Interest rates. Lenders have different rates, based on several factors. How flexible they are, how good their service is, what their speciality is. I use a sub-prime lender that I know for a fact does not have the lowest rates, but they also dont, at the last minute, reject a loan. So for that piece of mind, I try to go with them. You can get a home, it will be harder than someone with higher scores, but you can indeed get a home.Charles Link to comment Share on other sites More sharing options...
rjc311 Posted October 10, 2003 Author Report Share Posted October 10, 2003 Thanks Charles. I plan to move from CT to FL next Fall and considering that I have 5 dogs, renting is not really an option! The houses I have been looking at are only in the 50-60 thousand range and I hope to have a bare minimum of 10% down. So, you yourself do mortgages? In Florida? I will definately remember you when the time comes if you are still on the boards. Thanks again for answering my post. I will rest a little bit easier now that I know I might only have to spend one more crappy, cold, snowy winter in this highly overpriced and overtaxing state! Link to comment Share on other sites More sharing options...
firstsource Posted October 10, 2003 Report Share Posted October 10, 2003 If you could just be there in April and September, CT is great. I used to drive from NYC to Providence and it was pleasant those times. Course the rest of the year, I am sure...What part of Florida are you considering? Glad to help you if you would like. Are you renting now? If so, be sure to start collecting copies of your rent payments. If you are going to have a new job in FL, try to make it be a job with the same description. Charles Link to comment Share on other sites More sharing options...
rjc311 Posted October 10, 2003 Author Report Share Posted October 10, 2003 What part of Florida are you considering?Titusville/Cocoa/Orlando area. I lived in Orlando for 4 years and Miami for 3 years previously. I LOVE Florida! I'd love to live back in Miami but it's just too expensive right now.Glad to help you if you would like. Are you renting now? If so, be sure to start collecting copies of your rent payments. If you are going to have a new job in FL, try to make it be a job with the same description.Well, I live with my DP and he owns the house. But a couple of years after buying he filed bankruptcy so his credit isn't too good right now either. His car and my car are both financed in his name also. We thought it would be easier if I bought our new place in Florida so that we wouldn't end up "homeless" if we sold the house in CT and hadn't found a place in FL yet. Remember, we have 5 dogs to think about. This plan would allow us to find a place in FL and I can buy it while he puts our current house on the market in CT. I think that would be much smoother of a transition. We know we can sell our place in CT with no problem and make a decent profit too.As far as the job situation is concerned...I work for AAA and hope to get a job with AAA in Florida. Granted, they are technically 2 different companies, I hope it will appear to be "the same" sort of. Although, I don't know that I will be able to get into the IS dept down there so I may have to go back to what I was doing for the first half of the time I worked for AAA. Does that make any sense...? Again, I appreciate your help. Link to comment Share on other sites More sharing options...
firstsource Posted October 10, 2003 Report Share Posted October 10, 2003 No problem with the job. I can make it be the same job/company.CharlesWe can put him on the loan at closing, if you would like. If you are married, he HAS to be on title in Florida. Link to comment Share on other sites More sharing options...
BkMaster Posted October 10, 2003 Report Share Posted October 10, 2003 I do loans with as low as a 500 score, as does amortgageman I am sure. It is sad to me that many people with scores like yours assume that they can not get a home, and they can. It normally takes 5% down however, but if the score is over 560, 100% is possible. RE: Interest rates. Lenders have different rates, based on several factors. How flexible they are, how good their service is, what their speciality is. I use a sub-prime lender that I know for a fact does not have the lowest rates, but they also dont, at the last minute, reject a loan. So for that piece of mind, I try to go with them. You can get a home, it will be harder than someone with higher scores, but you can indeed get a home.CharlesI sent you a PM... Link to comment Share on other sites More sharing options...
rjc311 Posted October 11, 2003 Author Report Share Posted October 11, 2003 Charles, I sent you an email to the address listed in your profile. Thanks! Link to comment Share on other sites More sharing options...
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