Financing in Buffalo>Question Details

Voices Member,  in

hello, are there any lenders out there for people with credit scores of 579?Only looking for 70000 loan.thanks

Asked by Voices Member, Sat Oct 17, 2009

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6 Dallas Realtor’s answer
More lenders require a 620 credit score and above, 3.5% down payments, 2 years employment.

If your scores are low can't qualify resolve the issues negative credit issues, reduce your debt based on many particulars your score could increase above 620 within 90 days. However if issues are less than two years old you may have wait for approx. another 12 months purchase a home.

Have you consider locating a home lease option buy . Clean your credit then purchase.

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0 votes Thank Flag Link Mon Oct 19, 2009
Find a broker signed up with First American mortgage. They work with 580 scores but will go below that with compensating factors. Or you can try First Guarantee Bank as long as you don't have any current (within the last 12 months) open collections. FGB rates are 1% higher than normal.
0 votes Thank Flag Link Mon Oct 19, 2009
You might be able to do a rapid rescore and get above 580, which helps a little. If you are looking in Buffalo, the loan amount might be a problem. Many lenders go lower LTV based on low score. Might be better off looking for a cheaper house, given that Buffalo has many such opportunities. If looking in the city, check out my website. Otherwise, I have a lender who will work with you.
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0 votes Thank Flag Link Sun Oct 18, 2009
Dear Ingrid:

If you would like to get in touch with us, we can have you speak to our Mtg. Lender and may be able to get your pre-qualified. Just give us a call! Thank you very much!
0 votes Thank Flag Link Sun Oct 18, 2009
Yes we can go down to a 530 FICO with FHA financing. FHA loans are based on a common sense approach to lending rather than a credit score driven approach. Normally though anything around 530 normally has late payments within the past 12 months. However, if you can proof timely rental history and have good payment history on your other obligations then you should not have a problem getting approved for an FHA home loan.
0 votes Thank Flag Link Sat Oct 17, 2009
For purchase? Refinance? What's the home value or purchase price?
0 votes Thank Flag Link Sat Oct 17, 2009
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