Would a credit score of 567 qualify for any type of mortgage?

basically this is a selfish question, because a friend of mine is moving out of state, and he wants to buy a home, and basically I dont want him to leave

:(

but on the other hand, if he does leave i do want to help him and be successful in getting his own home. He has no open lines of credit, everything on his report (almost everything) is a charge off or collection. I am a loan officer but i dont do mortgages. I just want a little info: could he get a mortgage at all? would he have to put money down? would he get a horrible interest rate? does his chances vary from state to state? any and all information would be helpful. Thanks!

Would a credit score of 567 qualify for any type of mortgage?

You usually need at least a 580 to qualify for 100% financing, but with no open trade lines the score will have to be higher. If he has money to put down, though, he can get some type of financing. And yes, he will have a horrible interest rate. Best to get an ARM so he can refi later.

Would a credit score of 567 qualify for any type of mortgage?

There are many factors.

Simply by the credit score, I would say the chances are very slim.

He would be in the bottom 15% of credit scores, this does not sound like a good candidate to me. Of course there are other factors such as down payment.

Would a credit score of 567 qualify for any type of mortgage?

Depending on what%26#039;s on the credit report, I would advise you to get a %26quot;Rapid Repair%26quot; to boost your score up 20points to get a No Money Down loan. But if you have 10% to put down then go forward. Rates are still resonable now.

Would a credit score of 567 qualify for any type of mortgage?

He%26#039;d probably qualify for some kind of sub-prime mortgage loan. He may have to put 10-20% down for a sub-prime lender, although a few may go down to 5% down payment and show more money in the bank.

His interest rate would definitely be on the high end, but rates are pretty low right now. Depending on the loan to value ratio (LTV), he may be able to get a hard money loan, because they generally do not base their lending decisions on credit. Their decision to loan money depends on having a large amount of equity in the property (65-70% max, in general), and the value (varies by lender and state).

Hope that helps.

ForeclosureFish

http://www.foreclosurefish.com/

Would a credit score of 567 qualify for any type of mortgage?

Yes! But it would require money down. For no money down, the score needs to be 580 or higher.

Try this to improve the credit score:

First know that the bureau must verify any debt you dispute. If they can not verify it, it must be deleted. They have 30 days to do this.

With years in the credit business, I recommend disputing them all at the same time, as you will likely need to go through several rounds of letters to get what you want done. If something is blatently wrong with your credit report, call the bureau after they write back and refuse to remove it. Go up the food chain until a manager agrees to remove or amend the incorrect info on the spot. Don%26#039;t buy into their speach about re-disputing it - but make sure you have provided the information necessary by mail already to correct the error. It will not help you to insist on something being removed if you have not provided verificaiton on why.

When you mail in the dispute letter, mail in as much information as possible with it. If your verification is a bankruptcy, send in all the pages to your petition and tab the important pages for them to review.

Also mail in a copy of an electric bill and a copy of your ID to avoid any delays. See the FTC web%26#039;s site for your specific rights with collectors and debt reporting:

http://www.ftc.gov/

If your problem is directly with the creditors, write to them ONE time. If they do not remove incorrect information, write to your state%26#039;s attorney general%26#039;s office and the FTC. This will get you the results you seek if you are in the right.

If this is a collection agency problem, write to the same people plus the ACA at www.acainternational.org. Collection agencies are generally slime, so know your rights before you call them. See your rights here:

http://www.ftc.gov/bcp/conline/edcams/cr...

If you have legit items that are bad, dispute them also. If they can not be verified, they must be deleted. It is not your responsibility to prove they are inaccurate, it is the credit bureaus who must demonstrate they are.

Hope this helps!

Would a credit score of 567 qualify for any type of mortgage?

could he get a mortgage at all? YES

would he have to put money down? YES -lots

would he get a horrible interest rate? YES

does his chances vary from state to state? NO, JUST THE RATES WOULD VARY!