but there are options possibly avaialble to you. part of it is what is on your credit report...How old some of the items are, any positive credit to replace any negative credit recently, how much your mortgage payment is goggn to be in relation to your income, and other factors.
If you want to contact Christopher Ayer at 704-771-3954 or e-mail him at firstname.lastname@example.org He should be able to help you or tell you what you need to do to get approved.
Only a lender can approve or deny your application. Conventional financing requires higher scores than this, but there may be alternative options from a mortgage broker depending on your other mitigating factors.
Here's the uncomfortable truth however, if you could get a loan right now the terms may not be that good and the question would be, why would a lender loan to someone with that score.
My suggestion would be to take some time to address the issues that have caused your scores to be so low. Are there errors on your report, dispute them. Do you have a reliable source of income? Do you have a budget and do you stick to it?
Solving these issues now, before you take on a serious long term commitment of a mortgage will improve your chances of keeping the home.
A smaller loan amount doesn't have any less requirements for an applicant. Please read my blog on how to buy a home with poor credit.
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
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 are under 600 middle FICO, here are ten tips for improving yoru credit: http://www.trulia.com/blog/dfisher/2011/08/ten_tips_for_repa 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 .
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/bcp/edu/microsites/moneymatters/dealing-w
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.
While the credit score is part of the equation in lending, there are other factors that also determine what you would qualify for in terms of a mortgage. The amount of the mortgage loan is based off of your income, job stability, other expenses and your ability to pay back the mortgage loan.We offer a free service to clients that gets them on track to buy whether it's in 5 months from now to 5 years from now. I am sure someone in your area also offers similar programs.
It's really important you work with someone who is going to educate you and set a clear path for you to increase your scores and to teach you good habits to maintain those scores or keep improving them. Good luck!
Often times there is more to just having enough open and active trade lines that report your on time payments each month but having creditors report your timely payments is the best way to ensure that you have healthy enough scores in order to be approved for a mortgage.....small or large.
A good loan officer or a Consumer Credit Counseling Agency will provide you the analysis you need in order to rebuild your scores. I've seen 100 point turn-arounds in as little as 6 months.
If you make the right changes, you could be celebrating your Thanksgiving in your new home this year!
Go for it!