Not to discourage you from applying - by all means if that's what you want to do then go for it - but if you are able to get those scores up into the 600-620 range then you will have a greater selection of lenders and more options. More options = the ability to shop for the best loan terms and a lender you are comfortable working with instead of any port in a storm.
That's just my two cents. If I can be of assistance in helping you get those scores up and working towards a pre-approval then let me know.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 595-7130 | Direct (248) 728-0078
Visit my website at http://tonygrech.pmaclending.com
I work with a loan officer who can obtain a mortgage at your credit scores.
Beside from a mortgage there are many other pieces to fit in in obtaining your new home.
You may contact me to discuss .
Century 21 Advantage Gold
It's not hard to apply, but it will be tough to get approved. Lenders generally use your middle score and if the scores your lender obtains are the same that you report, your middle score is 572. It's often stated that FHA may consider you as low as 580, but your score is only one consideration. Your income, assets, employment history and security are others.
I would encourage you to take some time to find out why your scores are low and focus on that for a while. Low scores not only make it difficult to get approved, if you are approved your rate and terms will be tougher than if you have better scores.
Some quick tips on improving your credit are to establish and live in a budget that includes savings, anticipating surprise expenses like auto repair and to pay your bills early. Next, pay down any open accounts to 1/3 or less of their limits. Maxed out accounts drive down scores. Just don't close any accounts as that will also lower your scores. Dispute any errors you find on your credit report with the reporting agency, like Experian, Transunion or Equifax. Provide proof that the information reported is wrong and request an immediate correction.
Finally, start looking for a great local lender who can help you with this. A lender I use will review credit with a client and assist them even further. The sooner you start, the sooner you can be a home owner. Best of luck.