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!