Financing in Waterville>Question Details

Bill, Home Buyer in Waterville, ME

Desperately need to get mortgage/loan with a 589 credit score

Asked by Bill, Waterville, ME Wed Oct 20, 2010

I had to move out of state in order to find a job and my wife and I have been seperated because of this. We own 10 acres in Maine which I have been living in an rv on. In order to get my wife up here, I need to make our land livable. I need to get a loan or mortgage to do the following... driveway installed, well, septic, power and to buy a new or used mobile. $35,000-$50,000 will get all of this done. We owe nothing on the 10 acres.
I have been at my current job since May of 2010 and I make $3500-$3900 a month. I have 2 payments, a truck loan ($345) and a credit card with a $1,000 limit ($20 mo). As soon as I can get a livable place for 2 people and a baby, I can finally be with my wife again. Any help is MUCH MUCH appreciated.

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I work with a lot of people who have less than perfect credit, seems like you can get approved now. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good Luck!
4 votes Thank Flag Link Sat Aug 10, 2013
It is very important that you shop around for a mortgage broker that can explore all your financial status and advice properly. Mortgage brokers have access to many banks, private lenders and different programs.

Best of Luck,

Maria Cipollone

Century 21 Tenace
2 votes Thank Flag Link Sun Feb 17, 2013
Hi Bill

You should be able to get a cash out refinance at a higher rate by talking to a hard money lender.
If you wait and in time your credit improves then you can get both a loan as well as a rehab loan.

A lot also depends on the value of your ten acres.
Best Regards
Web Reference:
1 vote Thank Flag Link Wed Oct 20, 2010
hi Bill, technically with FHA you can get by with as low at 580 credit. Real life -- you need 620+ for an easy loan with good terms. I recommend spending two or three months fixing credit.

I also recommend charming your wife a bit to get her to live with you in the RV for the two or three months needed to fix things up. It's called the power of love. Better than any credit for life happiness!
1 vote Thank Flag Link Wed Oct 20, 2010
Good day everyone
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0 votes Thank Flag Link Mon Jun 16, 2014
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0 votes Thank Flag Link Wed Jun 11, 2014
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0 votes Thank Flag Link Thu May 15, 2014
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0 votes Thank Flag Link Tue Apr 22, 2014
Hi Bill we have a program with a 580 credit score with only half down of the purchase price.

please email me at
0 votes Thank Flag Link Mon Apr 14, 2014

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0 votes Thank Flag Link Tue Apr 8, 2014
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0 votes Thank Flag Link Sat May 25, 2013
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Best Regards

0 votes Thank Flag Link Sun Feb 17, 2013
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0 votes Thank Flag Link Thu Feb 16, 2012
Hi Bill,

I have a loan officer in Portland whom started a company specifically to help improve credit of individuals like yourself. Please email or call anytime to learn more about it...I think he has had good luck improving many peoples scores.
0 votes Thank Flag Link Thu Oct 21, 2010
Hi Bill,
I have a buyer working with a lender that will work with a score of 580. I don't know if their circumstances and yours are entirely the same but would be worth a conversation I would think. Please give me a call or direct email and I will give you the person to contact. I look forward to helping you.
0 votes Thank Flag Link Wed Oct 20, 2010
I did check into both a small local bank, Kennebec Savings which said they wont even talk to me without a 620 and a National Bank, Bank Of America who wanted to sign me up for the Maine Housing Authority first time home buyers program which also has a 620 minumum requirement. I am looking into FHA loans, but because I need land "improvements" I dont know if what I'm looking to do would be considered a mortgage or more of a personal loan, therefore dont know if I would qualify. At this point, even if we had to buy a small house in town for now, if that was easier, I would do that. I just dont want to rent because I am throwing $ away every month that I could be spending on our land, plus, we have dogs and horses. I am currently working on building a barn on our land for them. I can build our own house, I am a qualified conractor, we just want to get the land with livable amenities ASAP.
0 votes Thank Flag Link Wed Oct 20, 2010

Why are you making $20 payments on a credit card? That is a huge red flag for a lender. You should put $1,000 in a savings account and set up an automatic payment with your credit card company to pay it in full every month from that savings account.

If you own the land outright can you sell it and use the proceeds to buy something smaller that is in need of repair?
Flag Thu Jan 16, 2014


Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Wed Oct 20, 2010
Hi Bill, have you contacted any local lenders? They may be able to help you, even with your diminished credit score. Call me, I can point you in the right direction!
Web Reference:
0 votes Thank Flag Link Wed Oct 20, 2010
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