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emadera1, Home Buyer in Jacksonville Beach, FL

Home mortgage loan with low credit score

Asked by emadera1, Jacksonville Beach, FL Sun Nov 4, 2012

I have a middle score of 552 of the 3 credit reports. Is it possible for a home loan of $40,000 and i will put $10,000 down payment.

Is there any chance of a loan?

Thank you

Help the community by answering this question:


NACA is a good option. HabiJax is another option. Also, I understand either VyStar or Compass is doing very low investor loans.

Let me know when you are ready and I will give the names of some solid banking contacts.
0 votes Thank Flag Link Sun Nov 4, 2012
Check out they may be able to help!
0 votes Thank Flag Link Sun Nov 4, 2012
Hey emadera,
There are a lot of factors that lenders play when approving loans in addition to your credit score and down payment. When shopping for a loan working with your home bank or mortgage broker is a good place to start. I work with a lot of lenders from prime lending and Wells Fargo. Let me know if you would like me to refer you to my top contacts.

Brian Mclogan
0 votes Thank Flag Link Sun Nov 4, 2012

There are two issues you will most probably have to deal with. Your low credit score and finding a mortage lender that will do the mortgage amount you are looking for. Would recommend that you speak with your financial institution and see what they recommend.

Wishing you much success.
Charlie Chorman - REALTOR
Accredited Buyer Representative
Coldwell Banker Vanguard Realty
0 votes Thank Flag Link Sun Nov 4, 2012
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