You can qualify for a mortgage with a credit score of 612. The mortgage broker I use does not care if you are gettign a $5000 loan or a 500,000 loan. He will do all types of loans.
There are other variables in play here.. Does the house you are looking at qualify for a mortgage? What type of finanicng does it qualify for? You also mention he has the income and you have the credit....Do you make enoguh to qualify for the mortgage? Is his credit score high enough to qualify him for the mortgage?
If you want some help with this please feel free to give me a call at 704-519-7895 ro e-mail me back...I will be happy to go over this with you.
If you meet the criteria in the below trulia blog, you can probably get a loan. If you could get your score up to 620, you would have more options. There is another blog about what to do to improve credit scores... http://www.trulia.com/blog/dfisher/2011/08/ten_tips_for_repa
A $20,000 loan (assuming you put $5000 down on a $25000 home) is going to be too small for most lenders. in Charlotte, you might try a Self Help Credit Union, NACA.com, BB&T in house loan, or look for a slightly more expensive home. Borrowing a little more is not going to cost you that much more every month. ...and if you like this reply, please give it a "thumbs up" or "best answer".
Your score won't so much be the problem as that many lenders can't write a mortgage loan below $40,000. Most sales below this amount as cash for this reason. If you need the name of a few lenders to check with, don't hestiate to contact me.
My husband and I just purchased a foreclosure and we could not bid as low as we wanted because we could not find a lender that could write a loan below about $40,000.
Allen Tate Realtors