Home Buying in Orlando>Question Details

Aprocarpet, Home Buyer in Orlando, FL

I have a 572 credit score is there any way that i could buy a home?

Asked by Aprocarpet, Orlando, FL Thu Sep 24, 2009

Help the community by answering this question:


Do you need to be in the Metro Orlando area or will surrounding rural areas such as Mt Dora work, if so contact me I have something that might help.

Good luck,

Broker Dave

Visit my profile located here on Trulia, it’s easy, just mouse over my picture and click.
Web Reference: http://orlandohomestore.com
0 votes Thank Flag Link Mon Sep 28, 2009
I agree that you should try to raise your score. While I work with lenders that claim to do loans for buyers with low scores, they usually want more than 3.5%, more like 10%. In addition, they will require rental history and additional stipulations that you may not have to meet if your score was higher.

Why is your score 572? There are several ways to raise your score fairly quickly. Give me a call to discuss how it can be done.

Down Payment Assistance Specialist
Enterprise Mortgage Group, LLC
1850 Lee Road, Suite 140
Winter Park, FL 32789
Direct: 407-739-3853
Email: jclarke@enterprisemortgagegroup.com
0 votes Thank Flag Link Fri Sep 25, 2009
I would agree with John that 600 plus is generally the magic number in this market cycle, but please call a lender of your choice they have the answers you need. I have been working with clients who have the same situation and we develop a plan working with the lender as to when the client can purchase, sometimes it's a year or longer before they can purchase. It's a good feeling for me as a Realtor to see it finally happen for my client.

Contact me when your ready to purchase it would be my honor to serve your Real Estate needs.

Maggie DeGennaro, Realtor®
Director, Florida Association of Realtors
0 votes Thank Flag Link Fri Sep 25, 2009
Hi Aprocarpet,
Yes I have a niche FHA product that I can do as low as 560 please feel free to give me a call or send me an e mail.

Melissa Antenucci
Ameritrust Mortgage
0 votes Thank Flag Link Fri Sep 25, 2009

Your going to need to work with a Mortgage person in order to get your score up
around 600+ for you to purchase under FHA guidelines. The lender needs to help
you figure this out and it may take as little as 2 months or as much as 6+ months
to get the score up. If you have a co-signer, this might help when doing the FHA loan.
Co-signer needs to be a blood relative that will go on the loan with you. Let me know if you
need the name of a great lender who can help you.
If your in need of an experienced Real Estate agent, then you can contact me anytime.

Thank you,

John Forrester PA
Keller William Realty
0 votes Thank Flag Link Fri Sep 25, 2009
Hello Aprocarpet and thanks for your post.

Unfortunately, right now, most buyers need a minimum of a 620 mid-score in order to purchase a new home under an FHA loan, so I doubt that a score of 572 is likely to qualify for a loan at present.

Work with a qualified mortgage broker or lender in our area to look at your credit report and to work on those items that are currently decreasing your score. You can also talk with a non-profit credit counselor to get help in repairing your credit over the next few months in order to qualify for a new home very soon.

Good luck!!

Grace Morioka, SRES, e-Pro
Area Pro Realty
0 votes Thank Flag Link Fri Sep 25, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer