Home Buying in Massillon>Question Details

CNeka, Home Buyer in Massillon, OH

I have a high risk credit score of 560. I have approx. 30% down payment. Do you think I could get a first time home loan?

Asked by CNeka, Massillon, OH Fri Jul 27, 2012

I only have one bill on my credit report for a student loan, I make payments on. Others seem to think if I have a large down payment the lenders will over look the low credit score, but they're not professionals, I am not optimistic. What do you think?

I don't know if this matters but I have not ever been bankrupt.

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3
Supposedly there are some low credit score mortgage lenders out there. Try googling those key words
0 votes Thank Flag Link Tue Mar 5, 2013
Possibly if you have a large down payment you may get a land contract or rent with option to buy.
Check out 9266 Forest Trail st. Massillon, OH. 44647 edkpk1542@hotmail.com
0 votes Thank Flag Link Tue Mar 5, 2013
You have a good downpayment but the credit will still hurt you. Do you have a cosigner? It looks to me like the problem with your credit score is not enough credit. I am not a professional and only know credit repair from personal experience. When I was in your situation I was told to get two lines of credit. You could try department stores such as Target, JC Pennys, etc. If you can't get approved go to your bank and get a secured credit card which will basically be secured by your bank account. You just need to get two more tradelines opened. Then use them. Buy things you actually need but don't pay the balance in full at the end of the month. You want to always owe 30% of your available credit. Make payments ontime every month and keep the low balance. I would say your score would jump dramatically in two to three months.
0 votes Thank Flag Link Fri Jul 27, 2012
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