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. http://www.consumer-action.org/
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.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
For the price, would I be able to just have my wife buy the house on her own?? Would this simplify the process since she have better credit? Or would I have to add my income and credit in also since I would also be living in the home?
Bank of Kansas City
7500 College Blvd Ste 415
Overland Park, KS 66210
I have also personally used for my own credit a company called: My scores were in the low 500's and I baught a house 6 months later... it is a little costly buy worth it.
(816) 246-7802 direct
(816) 524-9400 main
(888) 227-0686 e-fax
800 NW Main Street Suite 210, Lee's Summit, MO 64086
If you have more questions give me a call.. there are alot more options out there that are available... and you might be surprised at what price range your wifes income can put you in to buy a house!!
Reece And Nichols
CammyHinson.ReeceAndNichols.com (HOME SEARCH)