Under 600 is "less than perfect" in a very broad sense of the definition. Truthfully, under 600 would be considered bad credit. Not unsalvageable, but definitely at the bottom end of the spectrum.
With that being said, there are some options. FHA would probably be the preferred option because it will have the best interest rate and lowest down payment (3.5% down payment required). We are able to go as low as a 580 credit score, but be aware that just because you meet the minimum credit requirement isn't a guarantee of approval. We also look at income, debts, and assets as well as the "why" behind your credit scores.
Feel free to shoot me an email or give me a call and we can see about getting you approved for a loan. If FHA won't work then I have some other options that require larger down payments (20% or more), but they aren't as strict on the credit scores.
Sr. Mortgage Loan Originator
Luxury Mortgage Corp
There are many different kinds lending but if your wondering can the seller pay the closing cost, yes they can. Is there zero down loans available yes there is, Do we have grant money for buyers down payment in some cases yes its available.
Over all there are so many loan programs out there the best way to find out what fits you the best, is to speak with my loan department. and we can give you a good idea what's your best fit for a loan and down payment if required.... more
Jolyn's answer is correct. I just wanted to specify that you need to use "approved" contractors from the 203K program. In some instances you can use someone that hasn't yet been "approved" yet they need to go through the process and be "approved" before they can begin work on the home. Best of Luck!... more
If you're in Georgia, check with a local realtor in your town who has sold under ground parking spots in other condo buildings. In Forest Park, IL they range from $10000 to $200000. In Chicago as much as $50000.... more
We are also considering this company, the company makes the majority of their money through the commission on your new home, they will agree to buy your house at a certain price if they find a lease to own tenant.... more