Financing in Madison>Question Details

Natalie Jeter, Home Buyer in Madison, GA

Who can finance me with a low credit score?

Asked by Natalie Jeter, Madison, GA Wed Mar 21, 2012

This would be my first house, I just checked my credit score with freecreditscore and it was 596 my husbands is 591. Our scores are low and credit reports are not much better however he has a stable job, and we pay $750 in rent per month. The house we want to buy is currently going for $49,900. We have not recieved our tax refund yet so we dont have a down payment. I did the numbers with a 10 year mortgage we would be paying less than we do with rent. We are both prior military however because of our scores we do not qualify for a VA home loan. My rental lease is up at the end of July, and I am trying to find someone to finance us, to help us.

Thank you,
Natalie

Help the community by answering this question:

Answers

10
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Tue May 13, 2014
I can do these loans, but you have time to fix your credit and shoot for 620. I've been very successful at increasing scores.Low scores happen mostly due to lack of credit cards or too new credit.
The medical HIPPA form says that they will not share your private info with 3rd party companies.Credit bureaus are 3rd party companies, therefore, they broke the law and the collections must be deleted off the report. A 620 means less money down or down payment assistance, access to the VA loan and, lower payments.
Make sure your bank statements report no NSF's. You'll need about $1000-$1500 to start (deposit, appraisal, inspection). Although 620 qualifies you for VA, FHA is easier to qualify. Do a 30 year loan to show the payment super low (looks better). Later, you can refinance to VA if you wish. I still haven't used my VA loan.
0 votes Thank Flag Link Sun Mar 25, 2012
Hi Natalie,

There are several lenders that offer FHA loans with credit scores below 600, but they do require a 3.5% down payment. FHA does allow a gift from family and they do allow you to borrow from a retirement account.

I suggest you meet with a mortgage professional in your area to discuss your options.

Best wishes,

Elva Wormley
C2 Financial Corporation
(408) 615-8500
0 votes Thank Flag Link Fri Mar 23, 2012
I have a home on Greensboro Hwy in Madison that will do owner financing. Photo is on http://www.madisonrealtyinc.com
0 votes Thank Flag Link Fri Mar 23, 2012
Don't rely on the score you received. What you need to do is have a loan officer pull it because those scores you received are probably HIGHER than what a lender will pull.
Web Reference: http://HarpSupport.Com
0 votes Thank Flag Link Fri Mar 23, 2012
At Prospect Mortgage, we offer an FHA 580-639 FICO program. All FHA mortgages will require a 3.5% down payment.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Fri Mar 23, 2012
Natalie - you need to speak with a mortgage professional. With low credit scores and no down payment, you may not qualify today for any program, but... with the help and advice of a mortgage professional you will get on a tract towards becoming a homeowner. Try Kelli Fowler with LoanSouth 404 408 8166.
0 votes Thank Flag Link Thu Mar 22, 2012
Hi Natalie, your scores are close enough to the bare minimum for some lenders to work with you and help you get your scores up. I have an guy at Embrace Home Loans that might just be the person that can help you and your husband come July to get into a mortgage for a new home.

Right now it is so amazing what houses are selling for. And you are right, often times, one can buy for less than renting.

My friend Vance McGhee will help you get a loan. He may even be able to help you now with your current credit score. He knows alot of tricks for raising scores. When I last spoke to him, I'm pretty sure he told me he could finance people with a 600 credit score
Give him a call at 404-449-2658 cell or office 800-333-3004 ext 3321 or website @ http://www.vancemcghee.com. He is very professional and will get the job done for you.
Good Luck, and if you need the services of a professional Realtor when the time comes to purchase that home, I would love the opportunity to work with you as well. Look me up, and search the market at http://www.townandcountryrealtyeast.com.
0 votes Thank Flag Link Wed Mar 21, 2012
Natalie,

There are many mortgage brokers that will qualify at no charge. A lot of folks are in similar situations. You might want to consider asking a family member to co-sign with you. Best of luck and if you need a recommendation for a loan person, please email me at chrishodges40@ gmail.com. Thanks.
0 votes Thank Flag Link Wed Mar 21, 2012
You should meet with a local and trusted loan officer, they can prequailify you at no cost and let you know what is available to you. They are the one swith the only answer that will matter.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Mar 21, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer