Home Buying in Orlando>Question Details

T, Both Buyer and Seller in Florida

Can you get home loan with a poor credit score?

Asked by T, Florida Mon Jun 24, 2013

I am in the market to purchase a home in Florida. Deposit is not a problem and job wise is not a problem. However, the score is just not there. Everyone seems to be looking for high scores, which is something I do not have. Is there anyone out there that willing to take someone with a poor credit score and if so what is the lowest they will take? I am looking for any lenders that can help me or anyone who knows someone I can contact to help me.

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I have to agree with Trevor's answer. Most lenders will not be able to provide financing with a credit score below 620 (not even hard money lenders). However, depending on what appears on your credit, you may be able to raise your score to an acceptable level fairly quickly. It will really depend on what is affecting your score and if you have any open and current accounts in good standing. If you would like more information, please feel free to contact me. Regards,
1 vote Thank Flag Link Tue Jun 25, 2013
Good afternoon,

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.

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.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote Thank Flag Link Tue Jun 25, 2013
The answer to your question is yes. As a matter of fact if you have enough money, you can forget the credit score. You can accomplish almost anything that you want. :-)

There are people who can help to get your credit score up but there are also people who don't care about your credit score if you have enough money to pay up-front.
0 votes Thank Flag Link Tue Jun 25, 2013
Hi, my name is Richard Rutledge with Grace Realty.

I would like to put you in touch with a guy who may or may not be able to help you.
I know he has made some things possible for people who thought they couldn't be helped.
Shoot me an E-mail when you can and I will put you in touch with him.

0 votes Thank Flag Link Mon Jun 24, 2013
Hi T!

It really depends on how low your credit score is. If you would like to contact me via email, CarrieCLPM@gmail.com, I can have someone talk to you about your options. If perhaps your credit is to low at the moment, we can help get you on the right track to building it back up. There are things that you can do to help improve it and you may just need a few points to make a huge difference!
0 votes Thank Flag Link Mon Jun 24, 2013
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