Bad Credit Agency

i need to find first home loan with bad credit 554 credit?

i need loan on a house i been renting i have 3000. down own wants me to get financed asap please help

Public Comments

1. You'll need a minimum of 20, possibly 30% down with a credit score that low. Keep in mind, banks stop lending when it hits 500.
2. Would the owner be willing to do a contract for deed? With your credit score you're going to pay a fortune in interest if you can find a regular lender.
3. I don't think there are any options for owning with a score that low. Have you tried owner financing/purchasing on contract? I would save more money and work on paying your bills on time to improve your score. Anything below 640 is considered virtually un-loanable right now. Good luck.
4. With a 554 score you will need at least a 10% downpayment - maybe 20%. Your interest rate will be between 8-10% - maybe higher. There may be a prepayment penalty in the terms of the loan. It may be an ARM. Basically you have poor credit and the lenders will make you pay for it. Sorry, but you are a high risk and that is how lending business operates.
5. Thats a very low score and a very low downpayment. You need a lot (more than 20% to put down), and a very stable job and asset proof.
6. forget it - you'll never get an affordable rate with less than a 675 score, plus you would have to put down a lot of money for downpayment and closing costs - work on repairing your score and saving more money - it will take a couple of years at least
7. FHA. It is not a loan company, but they guarantee a loan through a lender. Your minimum score must be 470. Good luck!!