Credit Score in Topeka>Question Details

Rosie, Home Buyer in Topeka, KS

Credit score of 551, home loan approval for 36,000?

Asked by Rosie, Topeka, KS Mon Dec 3, 2012

I currently have a credit score of 551. I'm working on repairing it but as you know it's a long an slow process. I'm currently renting to own a family members house. The house appraised at 52,000ish and is in great condition. They are selling it to me for 40,000 and in march when I have to make the balloon payment it will be for 36,000. How hard will it be for me to get a home loan? Any suggestions?

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The lowest credit score acceptable for a loan is 580 in this area. That is a special program and you do pay some fees and higher interest rate to participate. Some lenders have minimums on what they lend also. You may have to shop around a bit.
0 votes Thank Flag Link Mon Dec 3, 2012
I think it will be hard - best bet for that price range and your credit score - would be to try your or another local bank/lender. Good luck!
0 votes Thank Flag Link Mon Dec 3, 2012
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