Financing in Houston>Question Details

Pb1, Renter in Florida

What are my chances of buying a $100,000 home in FL making about $60,000 a year but with a 588 credit score.?

Asked by Pb1, Florida Sun Aug 5, 2012

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Your credit scores are likely too low. However, I would never say NEVER. Some lenders have in-house lending that could work for you. Of course you might pay a much higher interest rate.

You mentioned Florida. Do you need a referral to a Realtor in the Sunshine state? Let me know.

Mark McNitt
m 832-567-4357
Bernstein Realty
1 vote Thank Flag Link Mon Aug 6, 2012
Honestly not very likely. While I do work with lenders who can get loans done for those with 580 credit scores you do not really want to do that. For one, most people in that range they cannot help. You need to fit into a very small box and with scores that low you probably do not fit.

What you need to do is get with a lender who will work with you and guide you. You need to first understand why your credit is where it is and if it is still getting worse or stagnant. You need to make sure you are moving your credit in the right direction. I have given tips in previous answers telling that you can set up secured credit cards or installment loans to help rebuild your credit scores.

It's time to work on that with somebody who will take the time so you can get your credit to a 640 or higher. Once you can actually get the same rate as somebody with a credit score that is 100 points higher. So take the time to get your credit moving in the right direction and then you can buy that house if everything else is in order. Right now you need to find somebody to work with you over the next 6 to 12 months to get you where you need to be.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Austin Listed | 360 Lending Group
o 512.669.5599 m 512.633.4157 |
1 vote Thank Flag Link Mon Aug 6, 2012
A 588 FICO is an indication that you have credit problems. Go to your nearest non profit housing group for credit counseling. The counselor will run your credit report and go over it with you. Make sure it is correct. The counselor will tell you what you are doing wrong and what you should be doing. You will qualify for more mortgages if your score is 640+
0 votes Thank Flag Link Mon Aug 6, 2012
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