what kind of loan can i get??

[mciau]

i recently got my credit report and its arouns 550, i was wondering what kind of loan i am eligible for. i know this is not a very high score but i was wondering what kind of loan might be posible or should i keep working to get a better score before i even decide to get a loan from a bank. what are some good tips??

[Mike Taylor]

You really need to talk to a few local mortgage brokers. There is more to getting approved for a loan than just credit score. Call around and talk to a few people, don't have them run your credit until you are comfortable with them.

[RobM]

There are many loan programs available and your exact circumstances will dictate what loan program you qualify for. You need to speak with a mortgage broker

[brianlaughlin]

Subprime - none.
Conforming - none.
FHA - maybe.

You can fix your credit. It's not that hard, but it might take some time. Good that you are thinking ahead like that.

Good luck,

Brian Laughlin

[mjgiorgianni]

I would work on rebuilding your credit first...

[austinki]

I would talk to a lender and ask kind of loan / interest rate you could get now and what kind of loan / interest rate you could get with a higher credit score. It might be worth to fix your credit score even if it takes a few months. Also you could save up money in the meantime. If you interest rate is going to be high I would try to put down as much as possible.

[bg233]

It is extremely difficult to get a loan now with a credit score of 550. My advice is to pay down debt and save so in a year or two you're in a better position.