My fico...to buy a house

[Anonymous]

I have a mid fico of 561...I cannot find a loan...doese anyone know a Mortgage company that does loans with low scores like this?

[ShanetheMortgageMan]

Sub-prime loan programs will take a FICO score like that without many questions, but you will have to take a sub-prime interest rate in trade (8%+).  Fannie Mae, Freddie Mac, and FHA don't have a score requirement per se... they concentrate more on your credit history.  If you'd like to go into detail about your credit history, including all items that are bringing your score down, in addition to your anticipated sales price/down payment, your gross income, and your monthly debts... you can get advice here on what your chances of qualifying for Fannie, Freddie or FHA are.

[Anonymous]

You can get a loan from Amerisave. Minimum requirement is 550 fico score.

[Anonymous]

Can I get a loan of $250,000 with a 100% financing. And it would have to be a stated loan. On Sept. 19, 2007 my scores was eq 559, trans. 610, and exper. 655. I got a rapid rescore and I am waiting on what score I have now.

[ShanetheMortgageMan]

100% stated income loans are near impossible to find, one poster here mentioned he had success through USAA but USAA prefers better credit (not excellent, but better) plus I believe you have to be a member of USAA as well.  Additionally a stated income loan was not requested, USAA just determines based on certain characteristics in the loan file if income/assets need to be verified or not.  5% down opens the door for stated income programs.

Message Edited by ShanetheMortgageMan on 10-10-2007 03:40 PM