Home Buying in 44119>Question Details

Marilynw, Home Buyer in 44119

Can I get financed to buy a home if my credit score is >600 but <570?

Asked by Marilynw, 44119 Thu Feb 16, 2012

I currently rent a house in the Terre Haute, Indiana area for $600. I have a great full time & stable job and have been with them for 2 & 1/2 yrs. I have a very large amount of student loan debt. I am looking into the price range of $20,000-$30,000 no more. I just do not feel like I can play the rent game any longer. I feel I am throwing my money away every month with nothing more to show for it than a roof over my head. I also feel that if financed my monthly payment will come down and allow me to be able to pay more on my student loans every month. To make a long story short, I feel being on a path to owning my home will allow me to live more minimally and allow me to keep up on my other financial promises. However, I am unsure if anyone will finance me for a home.

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I would try All American Home Lending. They just closed a home for one of my buyers with a 580 Credit Score.
0 votes Thank Flag Link Mon Jan 27, 2014
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
0 votes Thank Flag Link Thu Feb 16, 2012
A couple of suggestions. First, talk to a local mortgage banker. I don't mean one of the big banks but a small local lender that specializes in writing mortgages. If you don't know one, call a local realtor and ask to be referred. Whether or not you qualify today, the banker will be able to tell you exactly what needs to be done to qualify at some point in the future, and give you a good idea of when that will be. Order your credit report and go over it carefully looking for any and all inaccuracies and challenge every one you find. This alone could raise your credit score. Do exactly as the mortgage professional tells you and THAT may also raise your credit score and in a relatively short time. And, no matter what they say today, stay in touch with the mortgage person, I am hearing rumors that the banks are going to revise their lending standards making it easier for
people to qualify for mortgages AND that they are going to start doing more lending some time this year.

Good luck, you are making a very wise decision and I am sure you will be a home owner before you know it if you will just ask for and follow the advice of the professionals.
0 votes Thank Flag Link Thu Feb 16, 2012
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