Good luck! And once approved I would love to help you find a home...
Might try looking for a contract for deed/land contract or lease to own, and, at the same time do everything you can to raise your credit score so you'll qualify when it's time to re-finance the deed or purchase the lease. Or, as others suggested, maybe a larger down, but you didn't state you had it, so might not be viable for you.
Possibly speak to a reputable credit repair service. I've had clients use Lexington Law and they got a lot of bad marks off their credit. This is not a recommendation for them as there are others too, just a suggestion. You may be surprised how fast your credit score can increase. Depends on what's on there exactly. Harder to get some stuff off, but you might be surprised.
Another suggestion is if you can find a co-signer that may help.
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We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
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I would suggest not doing this but rather focus for 3-6 months to raise your credit score up. If you're not sure how you should speak to a credit counselor in your area.
I highly recommend The Lenders Network - http://www.thelendersnetwork.com
Thanks and good luck!
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We service our own loans which gives us the ability to help buyers finance their purchases with a credit score as low as a 580 and still with a very low down payment.
Please feel free to contact me directly if you have any further questions, we'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required), HARP 2.0 - No Appraisal Required for Refinance for Underwater Home Values, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
If you are looking to make the purchase in CA our office might have a solution for you. Contact us below if you want to know more.
Fred Nabati , Broker
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CPFS (Certified Pre Foreclosure Specialist)
Trimax Realty Corp. & Trimax Loan Corp.
(310) 954-0808 Ext. 701
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