If you meet the criteria in the below Trulia Real Estate Blog, "I have bad credit and no savings. Can I get a home or am I stuck renting?" we can probably help you find financing. The loan interest rate and terms should still matter and you should compare the annual percentage rate (APR) from the various lenders you might ask. Also, you don't want to have more than three lenders pull your credit or your score can drop. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
Bonnie Jackson with Wells Fargo Mortgage says that FHA will do it with a score of 620. I suspect most lenders will work with you to get your credit score up 20 points, so that you qualify.
Bliss Green at Regions Bank is very good at working with credit challenges. Any of the mortgage companies that work with builders in the first time homeowner market should be able to help you.
In addition to qualifying, you might want to look at a budget plan to keep you in the house once you purchase. Some lenders and non-profits provide that as well.
Wishing you the best in home ownership,
Just keep in mind you want to beat the FHA monthly MIP increase deadline in June.
Also be prepared that there will undoubtedly be additional lender overlays that could hold you back from being approved......(i.e. FHA requires some collections to be PAID before closing)
With that being said, just be certain you are doing the right things while managing your credit so that you can qualify for the BEST interest rate and loan terms. Buying a home is great, but your pre-purchase preparation will make a world of difference in the long run!
Good Luck and Happy house hunting!
I have a lender I use almost exclusively for cleitns l with scores from 600 to 620 and he gets them approved as long as the rest of the credit is fine. his name is Chris Ayer. His cell number is 704-771-3954 and his e-mail address is firstname.lastname@example.org
Coldwell Banker United