Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
No1Innocent

0 Contributions
0 People Helped
Anyone out there know how to get a home loan with poor credit?
I know what I need to do to fix my credit, and am working on it, however, I found a property that is very unique, and if there is a way to buy it, I would hate to loose the opportunity

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
315 Contributions
442 People Helped
Most Helpful Response

Few options here...

Helpful to 2 out of 2 people

How poor is your credit? Poor credit equals having to have a large downpayment (20% or more) and a decent income because your interest rates will be higher if you get approved and for every $100,000 borrowed, every +1% interest charged over market rates = +$100/month more on your monthly payments. That adds up quickly. If you do not have optimal credit, (Vantage Score of 900 or more)(FICO score of 750 or more), you will have higher payments.

Vantage Scores 501 - 990

901 - 990 = Super Prime (Grade A)

801 - 900 = Prime Plus (B)

701 - 800 = Prime (C)

601 - 700 = Non Prime (D)

501 - 600 = High Risk (F)

A lot of lenders are checking Vantage Scores more often now because that score is all about your last 24 months of activity. They check it along with a FICO score.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.