fico 486-been turned down repeatedly-found subprime lenders site-no fico score used to determine loan and rate-need to buy a home in bklyn ny very soon-good or bad move?

Generally,you need a 580 score to obtain 100% financing. There are lenders out there that will do 100% financing down to a 550 score, but have high points.There is a new kind of lender, called an equity lender, that does not care about your credit score. They don't even ask for your social security number. The reason why is because they will not lend more than 65% of the value of the property.Therefore, if you don't pay, they foreclose and sell the property and still make a profit. They don't care if you are currently in foreclosure and need the financing to stop it. They don't care if you are in bankruptcy, or recently had one discharged. They don't care if you have $500,000 in credit card debt that you never paid.BUT. There is a price to pay for all this. They will use their own appraiser which will tend to appraise the property low. Additionally, expect rates to be between 11% and 14%, and also expect a 3 year, 5 percent pre-payment penalty.There is a better way if you have a little time before you buy a home. (about 2 months to a year). Have a look at the websites referenced below.http://www.mortgage-quotes-central.com/bad_credit.php

I believe Encore Credit may go down to 475, but you'd probably need a 20-25% down payment (minimum). Also, Eastern Savings Bank, but you'll also need a sizable down payment. Not sure on either of their websites. Truthfully, you're probably better off trying to improve your credit first if that's an option, or looking at a rent-to-own/land contract. You'll pay some $$$ initially (usually $3-5K-which can be used as a down payment eventually), set a purchase price, move in right away, pay "rent" for 1 year, and then refinance the property into your name after you've been in the house for a year. This gives you a place to live immediately, but give you a full year to get your credit scores up, while also giving you the option of refinancing. You can then roll closing costs in (instead of paying them out of pocket like you would on a standard purchase).