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://www.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
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.
We specialize in raising FICO scores dramatically, in weeks, not months or years.
As a matter of fact with one of our most recent clients we raised his score from 552 up to 729 in 3 weeks.
Hope This Helps
IZM Credit Services
800 N Rainbow Blvd
Las vegas, NV 89107
(702) 758 - 3799
Absolutely, you should be able to.
However, the banks would like to know the following:
What is your earnings
What is your outstanding debt
What is your Debt to Income ratio
Can you show 2 years work history in the same field
Can you show two years tax returns
Can you show pay stubs and not be business for yourself
Do you have outstanding collections due, or monies owed.
If you qualify on the above you will get a loan that will have a Rate slightly
Higher than but still get the loan.
Prudent for you to get in touch with a good FHA lender.
There is actually a program out there for people with low credit scores to be able to qualify. I'm a certified broker for the program, though it does involve taking a class online, its well worth it. Please feel free to call or email me if you would like more information.
YES! You can get an FHA loan with a 614 mid credit score, provided of course, you qualify in all the other areas including what is on your credit report in terms of any negative credit issues.
Our bank will lend with credit scores as low as a 580 mid-score with only 3.5% down.
Please feel free to contact me if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (no minimum credit score, no appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!