Hope is here!! My company is one of the nation's largest FHA lenders and we will do loans down to 500 credit scores on refinances and 531 on purchases. I can almost guarantee you that there is very few if any lenders at all doing these loans right now. We are a direct Ginnie Mae lender and are making it happen. If you are dealing with a broker, switch to a direct lender because there isn't a bank they can put you through that will close these loans. I know, because I was a broker-owner for 5 years. If you are below these scores, we can create an automated report for you on what exactly you need to do to give yourself the few points you need. I have been in the business for ten years and there is a reason why I am with this lender. You can call me at 888-536-3001, ext. 1540 or email me at jjohnson@lendamerica.com. Talk to you soon!

Hi, you could qualify with FHA, please email me for my preferred mortgage brokers who I work with. They can also help you with credit repair if necessary.

Another option is to consider seller financing. If you have a small downpayment, then some seller will be willing to finance the property to you themselves. Not every home available can be bought this way, but every day more and more sellers are offering this type of financing to get a home sold.

Depending on why your credit is poor, you could seller finance for 1-5 years until your score is good enough to get a conventional refi. If this is of interest to you, please contact me to discuss.

As for the other poster who said you shouldn't be allowed to get a home simply because your score is low, that is disappointing to see someone with that viewpoint. There are many reasons why someone's score is low, and not all of them mean you are unfit for home ownership or a bad credit risk. Keep smiling!

Chris

P.S. Yes, as a Realtor my job ios to help people buy and sell houses. While I guess this means I have a vested interest, it also means I am qualified to review a person's situation and see if I can help them make a responsible choice. I also own a property management company and rentals, so I do understand that not everyone is ready for homeownership. Cheers.

This may sound nasty - OK, it is nasty - but as a responsible home owner/mortgage payer I hope you can't get a loan. I am tired of paying for the mistakes of others who can't or won't manage their money. Please keep renting until you have shown that you have the self discipline it takes to raise your FICO score. A higher score will also get you a much lower interest rate. Let's face it, right now the economy is paying a terrible price because too many people bought homes they couldn't afford with money loaned to them by greedy brokers and banks. Just because you can get a loan and buy a house doesn't mean you should.
You might also want to notice that the majority of posters on this board are realtors and brokers. Nothing wrong with that, but it does mean that they have a vested interest in people buying, selling, and re-financing.

It is possible with FHA but it really depends on what is on your report more than the score. I would be happy to discuss this further with you anytime.

Thank You,

Dominique Ressurreicao
Co-Branch Manager
American Pacific Mortgage
559-892-6812