Visit the bank you do business with regularly and speak to their mortgage department. Also, ask some friend and family members who they've used in the past. Choose three qualified people to talk with and shop around. Best of luck.
Lynn has brought up a good point. Did you get those scores by yourself online? If so, they might be wrong, so you really need a loan officer to run them for you. Be careful, don't allow more than 1 to do it. Lenders absolutely DO NOT use your lowest score. They also don't average them, they use the one that is numerically in the middle. in your case, that is 624. That does not mean that the 544 will not give you trouble. When you have one very low score, it usually means that one bureau is reporting something that the others are not, such as a tax lien or collection. Any loan officer worth using will be able to figure this out for you very easily. If it is something that you can take care of, you should do that and get a rapid rescore done to increase that score, and remove the item. If it is something like a repo that was only reported to 1 bureau, it could really give you a problem.
Good luck, and if there is nothing unusual, you can get a loan with a 624 middle score as long as your debt to income isn't too high, you have some reserves, and you put down more than the minimum 3.5%. You may not even need all 3, but the loan scenario has to be approved by a desktop underwriting system most likely, and often that doesn't happen if you have a very high DTI, are putting only the minimum down, and have no reserves at all.
Yes you can get a loan with those scores. There will be a few loan types that you can choose from. Please feel free to cotnact me so we can discuss what options best fits your life style. Have a great day!
With your poor credit rating you are going to get lower quality mortgage products. Of course there are people who will help you get access to a home loan but you will pay dearly for it because your credit rating is so bad.
Why not begin with the basics, I know how boring? Work on improving your credit rating first, then shop for mortgage products and then select the property that suits your needs and goals.
Hannah Fliegel, FICO Pro
There are many loan programs that you can still get loans with your scores. In fact you can even get Tax credits to help you with closing costs if you are a First time Home buyer. One of the keys is to work with an experienced Loan Professional that is licensed and Certified.
There are numerous Loan Professionals that are still operating illegally after January 1st so make sure they are indeed licensed.
Since you are in Conroe there are two programs that will work for you. Of course we would need to discuss what is in your credit report and I would be happy to meet with you as your local Conroe Mortgage Banker and discuss the contents of your report with out needing to run a credit report and if the issues are not a problem I would be delighted to qualify you.
Also Mentioned here depending on what is in your report it may be able to get that score up even further in a fairly short period of time
Henry Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach
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Lenders take the midscore HOWEVER based on debt/income ratio, employment , down payment and much more
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
You might find someone with a 620 solution.
Do you have any credit card debt that you could pay down? That should get you a few points. It will get you a LOT of points if you maintain high balances in relation to the limit.
Call a local bank you are comfortable banking with, get with their mortgage department and start 'shopping' rates and fees.
http://www.lendingtree.com can help as well.
It's important to remember to not take the first offer from a lender, but to 'shop around'!