For others, it's simply a case of not knowing HOW to get your scores higher. Many of the folks we speak with can get higher scores simply by adding GOOD credit to their profile. Adding Secured Credit Cards, for instance, can raise scores 40 to 50 points in North Carolina, within 6 months.
Are you still in the market? If so, while minimum credit score requirements have risen at many lenders, we still can find financing at 600+ middle credit if you meet the criteria in the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" http://goo.gl/5RG3w If you appreciate this answer, please give it a "thumbs up", or if this was the most helpful answer, please say thanks with a "best answer" click .
If you'd like a referral, I'd be happy to provide one.
For the record, you should never directly provide your loan officer any compensation to repair your credit, the only funds that you should ever be asked for would be directly paid to the mortgage company for a rapid rescore or other standard fees that company charges (appraisal primarily although I know some require an application fee up front as well).
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
Happy to assist you! Stacey Pierce, Summit Funding 704-634-6512 5 STAR Mortgage AWARD Winner for client service
If you have a middle score of 600 I have a lender that will get you approved for an FHA with 3.5% down. if you are under it he has programs to help you get an FHA with a greater down payment depending on what your credit score is.
Feel free to contact him directly at 704-771-3954 His name is Chris Ayer
We have a Rent to Own program that you will qualify for, which we would put you in a home with the option to purchase it. If you would like to know more about it please contact me personally 704-333-4444 ask for Tyra or email@example.com.
I look forward to helping you out....