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Old 04-29-2015, 06:43 AM
 
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Does people with poor credit score hold chances for getting a mortgage? Please share your thoughts. Any information will be very helpful.
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Old 04-29-2015, 08:05 AM
 
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How low are we talking? Under 600 is pretty much an automatic "no." Between 600-650 they might work with you but the interest rate will be so high that it wouldn't be worth it. You'll only get good rates at 740+.
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Old 04-29-2015, 08:43 AM
 
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Originally Posted by Alison1632 View Post
Does people with poor credit score hold chances for getting a mortgage? Please share your thoughts. Any information will be very helpful.
How poor is "poor"? You can do it in the 600's, but the terms will be less favorable than with a score in the 700's.

Anything below 600 and you're likely looking at having to make a 30%-50% down payment and paying credit-card-like interest rates such as 10%. Of course if you had no money to even pay your bills on time, chances are you won't have 30% to put down either...

Lenders venturing back into subprime market - latimes
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