Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
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) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
There are hard money lenders out there that can help you in your situation, but it will cost you.
Read more in the link below and see if it's a good fit for you.
Also I am a credit counselor/ loan officer . So the best way to increase your credit scores is to get new credit. Go to your bank and ask for a secured credit card. This is were you put $200 in an account tied to that credit card. Then all the activity on the card will allow you to start to reestablish higher scores. Never use more then 29% of the available credit limit and always pay off the monthly bill completely never leaving a balance. Never be late on the credit cards. It would be best to have three open secured credit cards. This is the fastest and most effective way to increase your scores. Also if you have any more question regarding home loans please/ credit feel free to call me at 858 750 1073. Russell Power Integrity First Financial Group
Meanwhile, work on improving your credit score. You already have a good idea why it's so low. Work on improving it. A mortgage broker can take a look at your credit report and make some suggestions on what to address first.
Even if you managed to get a loan, it wouldn't be on very favorable terms. So: Improve your credit score. Then consider buying.
Check it out and let me know if it helps!
As Dan stated, you need to contact a local bank or broker that will be willing to pull your credit and discuss what you need to do to improve it. If a recent chapter 7 is the reason, you'll have to wait 2 years from the date of it discharge. If a foreclosure, 3 years minimum.
If the collection(s) are less than 2 years old, pay them off in full or for a negotiated lower settlement. Medical collections are a non issue. If you have liens or judgements, those will have to be satisfied in full or in some form of repayment. If the latter, they will not comes off your credit until they are paid in full. In the interim, the monthly agreed payment(s) will be applied against your income. Lastly, paying off judgements or liens will not improve your score, only your credit history and must be paid off or in repayment for you to qualify for mortgage consideration.
There's other measures you can also employ to better your score (i.e. opening credit cards, being placed on someone else card as a co-borrower or authorized user), but these option should be known to an experienced LO and shared with you during the course of your consultation. Hope this helps.