poor credit car loan rates

Can I get a mortgage with a very poor credit rating?

Does anyone know of any lenders that will approve me for a home loan? My fico is in the low 500′s, my annual income is around $60k and we are looking in the $200-225k range for a home with around 5% down. We have a car payment, but other than that no credit card debt.

A score under 580 and you are not likely to find many lenders that are willing to give you a loan.

You need to work on getting your score up. How did your score get this low with no credit card debt? You may need to get a secured credit card and use it but pay it off every month just to create some payment history, which will raise your score. Also, pay some extra payments on the car to get that debt down.

720-850 – This represent the best score range

700-719 – Able to obtain favorable financing terms

675-699- This is still a decent score range

620-674 – May have trouble obtaining favorable credit terms

560-619 – May have trouble obtaining credit

500-559 – Time to improve your score