Home Buying in Jersey City>Question Details

Needing_help, Home Buyer in Jersey City, NJ

Are there any lenders willing to accept credit score between 580 and 600?

Asked by Needing_help, Jersey City, NJ Fri Jul 24, 2009

My husband, brother, and I want to purchase a home but, it's hard to find a lender who would accept my husbands 592 credit score and my brother whom has no credit history because it was all deleted due to identity theft. My husband and brother would be on the loan because they both work. We have money saved to put as a downpayment but, no one to give us a loan. We've already found a house, do you know if we can qualify. If you have an advice please contact us. jamiliabanks@hotmail.com

Help the community by answering this question:


Call or email:

Michael Lavanco
Senior Loan Consultant
First Choice Bank
Office: 732-536-3330
Cell: 908-307-3236


Mike has been able get some stibky deals done.

Good Luck!
1 vote Thank Flag Link Sat Jul 25, 2009
There are lenders who will accept creit scores down to 580. I do not believe that your brother who has no credit will be able to be on the mortgage. I would advise your brother to speak to a credit counsoler or directly with the credit bureas to repair his credit situation. Give me a call so I can look at the situation and give you an answer based on your exact situation.

Regards, Michael Lavanco
First Choice Bank
866-970-3400 x234
0 votes Thank Flag Link Mon Jul 27, 2009
As far as I know most lenders raised the bar to a min 640 Middle Fico 3.5% min Dwn Payment for FHA. There are some exceptions depending on compensating factors suche as higher down payments reducing the lenders risk. There are small diciplines that you can adopt to better your scores and improve your fico scores. for more info call my friend Janette at First Americasa 973-777-8888 tell her that Pablo Lopez from C21 Elite refered you.

Good luck
0 votes Thank Flag Link Sat Jul 25, 2009
Most lenders will advise you that your credir score should be in the low to mid 600's before applying for an FHA approved loan.

Contact a loan agent to find out how to best proceed.
0 votes Thank Flag Link Sat Jul 25, 2009
Hi, Needing_help:

If by now, you still haven't been able to get a loan, have you thought about seeing if the home owner would be, first, able -- then willing, to possibly either lease or rent the home to you with an option to buy, until the credit score can be raised? They would likely still expect a 'good chunk' to be put down, so you'd be demonstating you're serious about your desire to purchase the home.

It's also likely not all the money you pay in rent or as a lease would be counted toward the purchase, but at least you'd be able to live there and not lose the home altogether. If they actually do agree to this kind of transaction, make sure to consult with someone who has experience in preparing this kind of a contract.

It certainly wouldn't hurt to ask the homeowner. "Nothing ventured, nothing gained."

I wish you success with the outcome you hope for.

Ruth Velez
Portland, OR
0 votes Thank Flag Link Fri Jul 24, 2009
There are places that will lend money called hard money. I have delt with a few with clients and some work put good others not so. Just took money for nothing. I would not recommend any. Look around some but be Careful. Se will only provide a preqal with money upfront.

Larry Sarlo
Weichert realtors
Web Reference: http://Www.njhomehunter.com
0 votes Thank Flag Link Fri Jul 24, 2009
FHA loans require 620 credit scores, 3.5% down payment, 2 year employment, debt ratio.

I hope this blog post will assist

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jul 24, 2009
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