Home Buying in Los Angeles>Question Details

Mariagt68, Home Buyer in Los Angeles, CA

Hello, I have a 596 credit score and would like to know if I qualify for a home or for a FHA LOAN

Asked by Mariagt68, Los Angeles, CA Tue Jul 22, 2014

Hello, I have a 596 credit score. I have never purchased a home and I have been renting for 20yrs, and was interested in purchasing the house that I've been renting. My sister in law owns the house that I am currently renting and I just need some more information and advise on what steps to take next. Thank you

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Answers

7
I lend down to a 530 credit score on FHA loans. So, we might have an option for you. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been offering loans since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987

800 315 8803

http://www.bartprequalifies.com

bart@bartprequalifies.com
0 votes Thank Flag Link Sun Jul 27, 2014
You can probably get a loan with that credit score, but it's going to be expensive. Very expensive. Try to get your score up to about 640 for a more reasonably priced loan.


Don't Let The Make a Monkey Out of You! Follow the link below.


Alysse Musgrave
Consumer Advocate
Exclusive Buyer's Broker
HelpUBuyAmerica.com
0 votes Thank Flag Link Sun Jul 27, 2014
Wells Fargo should do this loan with 5% down. Or do seller financing...
0 votes Thank Flag Link Sun Jul 27, 2014
Hi!

I would bet that you qualify for an FHA loan. Have you talked to a lender yet? I can give you the name of one I really trust and she is quick to reply with any questions.

If you need any more help or want to start looking, give me a call! I work exclusively with tenants who are making the switch to home buying! It's so exciting!!!
Jacqui.Rum@gmail.com
0 votes Thank Flag Link Wed Jul 23, 2014
Hello Marlag68, yes you may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or even as low as .5% half percent down payment program. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores and how much you want to invest into the down payment and closing costs.

Credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. You may qualify to buy with minimum out of pocket expenses and pay less than rent in many cities. You will have to provide one month paystubs/income, two month bank statements, last two years tax returns, all schedules, W2's, 1099's, copies of drivers license/ID for each applicant to receive a pre-approval letter to get out shopping for a home of your choice.

If you figure out what cities/zip codes your considering, minimum number of bedrooms and the maximum payment/price your looking to achieve you can then be set up to receive automatic daily emails to fit your search criteria. It only takes a few dozen questions to qualify, go over your options and email you listing to study and consider too. Here are some blogs to study such as RENT vs BUY, First time home buyer specialists, Which loan is right for me, Down payment and closing costs hurdles and Pre-approval in minutes.

http://www.trulia.com/blog/under640ficoscoreloans/2012/11/re…

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/fi…

http://www.trulia.com/blog/under640ficoscoreloans/2013/01/wh…

http://www.trulia.com/blog/under640ficoscoreloans/2012/12/ar…

http://www.trulia.com/blog/under640ficoscoreloans/2013/12/pr…

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY

If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Tue Jul 22, 2014
Hi Maria,

Yes, you can qualify for an FHA loan with a 596 score. Of course there are other factors such as stability of income, debt-to-income ratio, etc.

Please feel free to give me a call to discuss your options.

Best wishes,

Elva A. Wormley
Mortgage Consultant
Office (408) 615-8500
32+ Years Experience
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
NMLS #331981 / BRE #01274093
0 votes Thank Flag Link Tue Jul 22, 2014
You best bet would be to speak to a mortgage lender professional. A mortgage broker might be your best bet since you credit score is a little lower then 600.

If they cannot help you with a loan at this time, they should be able to council you on ways to improve your score so a home loan is attainable.

google...."mortgage lenders in (your zip code) or "mortgage brokers in (your zip code)"
0 votes Thank Flag Link Tue Jul 22, 2014
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