home loan for 550 credit

This is definitely tough but actually, is possible. I don't know where you are from but, a lender I have access to for my Ohio loans (they are licensed elsewhere, I am not), they go down to 530. They'd require 10% down (since you're under 580) and they'd require you have reserves to match your situation. That means if you need to build non-traditional credit, that's three month's reserves, no rental history, that's another three months reserves. Depending on your situation, that would determine the reserve requirements. For worse case, plan on needing not only 10% down but also 6 months reserves (that's the max). If you have a small loan size too, you should more heavily consider waiting and working on your credit. Since your score alone is considered higher risk, there will be big adjustments (to pricing to determine an interest rate for you) and many times, it results in a discount/cost just to get your file locked. You can always let time pass if that's what your credit profile needs or pay things down or off to increase your score. The higher your credit score is the better the overall terms will be. There are options out there. Best of luck to you, Kim Lawson, Ohio Licensed Mortgage Loan Originator, Licensing and contact information can be found on my profile.

That will be very difficult and if you are able to find one, you will have to pay a very high interest rate due to the low score. Try working on getting your credit score up first - clean up any outstanding balances and pay down debts.

Good luck. Work on fixing your credit.

Yes but NO... there are lenders throughout the country that will lend down to 500 credit scores, but the guidelines are very strict and few qualify.. Also, FHA requires 10% down payment if the credit score is below 580... the real question is "WHY??" Why is your score so low.. if you have a BK, Foreclosure, Tax Liens, Unpaid Student Loans, Judgments, etc... even if your score was 750, but you had these issues, you would still be denied, since it takes more than a credit score to qualify for a mortgage.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once a lender sees your complete profile, he can advise you properly to help get your credit scores up to an acceptable level. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Difficult. How much down payment do you have?

Good luck. Work on fixing your credit.

Your best bet is to work on cleaning up your credit first. The interest rate adjustments will eat you up.

Might find someone but typically you will need at least a 580 middle score and then you will have many more options.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Yes but NO... there are lenders throughout the country that will lend down to 500 credit scores, but the guidelines are very strict and few qualify.. Also, FHA requires 10% down payment if the credit score is below 580... the real question is "WHY??" Why is your score so low.. if you have a BK, Foreclosure, Tax Liens, Unpaid Student Loans, Judgments, etc... even if your score was 750, but you had these issues, you would still be denied, since it takes more than a credit score to qualify for a mortgage.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once a lender sees your complete profile, he can advise you properly to help get your credit scores up to an acceptable level. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Glad you found a lender. Have the mortgage officer explain ALL the costs and fees, not only for the loan, but also for the monthly payment - asyou will definitely have Mortgage Insurance, which will add to your payment amount each month. Also, have them go over your debt to incomeratio, and explain it to you thoroughly. Best of Luck (BTW - from other comment you made, am guessing that you are working with them on your credit score).

It is possible, but yoiu will need to look for a lender

Much more info is required, however your score alone is approvable by some loan programs. Good Luck!