Low Credit Score Loans [mortgagegoal.blogspot.com]
Low vacancies are likely to push rents even higher, Reis said. People with lower incomes have ... A recent Morgan Stanley research report states that the average credit score is 762 for a consumer securing a mortgage backed by government-sponsored ... FEATURE-UPDATE 1-Americans squeezed by higher rents, tight credit
Teresa Tims, www.TheSoCalLoanPro.com and President of TDR Mortgage, lay's it down on what the lenders are looking for to give you a home loan. If you don't qualify she gives you a step by step process on what to do to be a homeowner in California.
mortgagegoal.blogspot.com How to improve a low credit score, Part 2 Hot Home Loan Credit Series
Have you been faced with a situation where your bad credit rating has been constantly affecting you? You might have applied for a mortgage loan or even a car loan and found that your credit was too bad to be approved. Even landlords are starting to do credit checks on potential tenants, which means a bad credit rating can affect all aspects of your life. Luckily there are still some ways of getting low credit score loans.
The first type of loan that is easiest to get if you have poor credit is a payday loan. Sometimes known as cash loans, these loans don't depend on the borrower's credit rating. Lenders only care about the borrower's income and their ability to pay back the loan. To apply for a payday loan you should have a steady income with proof of employment for at least six months. You should also have a valid bank account with your paycheck being deposited bi-weekly into the account.
The downside of payday loans is that they are over a very short period.
This means if you need access to cash, but can't afford to pay it back within 2-4 weeks, this loan not for you. Another down side is the interest rates they charge can often be quite high. This is because it is over such as short period and lenders are looking to make a return on their investment.Another type of loan that is available for people with poor credit scores is a personal secured loan. A secured loan is a loan that is back with collateral. If the borrower fails to pay the loan, the banks will go ahead and seize the collateral. These loans give banks less risk when dealing with poor credit customers, making them more likely to give low credit score loans. Secured loans also have a better interest rate than payday loans and are taken over a longer period of time.
Recommend Low Credit Score Loans TopicsQuestion by Kat: What is the current disqualifying credit score that mortgage lenders have earmarked? Let's say someone wants to get out of having to buy a new property they had put down a deposit for a couple years ago. The only way I see to get that money back as stated in the contract is to disqualify for the loan per the developer's selected lender. How can I do that? So I'm wondering how low do I have to get my credit score to ensure I won't qualify?! Best answer for What is the current disqualifying credit score that mortgage lenders have earmarked?:
Answer by RT(R)
there is no set score. depends on how money you put down, how money you make, if you've been at your job or career long enough etc.
Answer by daeve930
Acceptable credit scores vary bank by bank. In many cases they are only one piece of the puzzle anyway. Purposely screwing up your credit would be a very dumb thing to do. You would have to be losing a ton of money to make this worthwhile.
