Home Buying in 52722>Question Details

Clerker82, Home Buyer in 52722

How do i get a home with a 565 credit score?

Asked by Clerker82, 52722 Mon May 16, 2011

I qualify for a VA home loan but only have a 565 for credit score but make roughly 50k a year and my wife makes about the same and she has a 470 is there any way we can get a home to live in?

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5
Michelle Rottach’s answer
I have heard rumors that Wells Fargo and a few other banks are accepting credit scores under 620. I would check with a lender and see what is causing your low scores. They will be able to help you determine what you can do to bring your scores up.

Another way would be owner financing.
0 votes Thank Flag Link Mon May 16, 2011
I would suggest repairing your credit, and mitigating the circumstances that caused you both to damage your credit that much, from happenning again.

It doesn't pay for a bank to be "Flexible" any longer. We are required to assess a borrower's ability to repay. Part of that test is to assess the borrower's "Willingness" to repay. Outside of outright fraud, a 470 demonstrates a lack of willingness to repay.
0 votes Thank Flag Link Wed May 7, 2014
I would suggest meeting with a lender at a smaller institution or one that services it's loans in house. They tend to have more flexibility when it comes to credit scores and can look at different approaches like using collateral. A couple options that come to mind are Northwest Bank, and Blackhawk Bank and Trust.

Once you have discussed your situation with a professional, they will be able to give you a better idea of how to get on track regarding your credit, that way at least down the line you can get that interest rate lowered. If you'd like the names of the lenders I prefer, feel free to contact me anytime.

Good luck!

Christine Drayer
Licensed REALTOR in Iowa
Mel Foster Co.
3211 E 35th St. Ct.
Davenport, IA 52807
Mobile: (563) 449-2482
Office: (563) 823-2222
Website: http://www.cdrayer.com
cdrayer@melfosterco.com
0 votes Thank Flag Link Wed May 7, 2014
Your first step needs to be to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage programs that you may quailify for.

If you do not quailify now, they can tell you what you need to do so you do quailify in the future.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…

Please see my blog for more tips and advice on getting a mortgage
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon May 16, 2011
You should talk to a lender to see why your credit score is so low. There may be a few things you can do to fix your credit and get your score back up somewhat quickly. Otherwise it will be tough unless you pay cash.
0 votes Thank Flag Link Mon May 16, 2011
Sometimes credit unions or mortgage lenders who service their loans in house can be more flexible. If you give me a call or text I can put you in touch with three excellent local lenders who may be able to help you.

If they aren't able to make anything work, you may be able to find a short term lease. Good lenders will often work with you to help improve your credit score even further and will give you an idea of how long it will take to improve your credit to a point they are able to loan to you.

If you are looking for homes in or around Bettendorf, I can help you with that too.

Charlotte
Flag Thu Feb 13, 2014
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