You may be eligible with one of my lenders with a 500 credit score if you have 10% down. You can apply at my website http://www.thelendersolution.com. Now if you don't have 10% down you will have to start seeking ways to fix your credit score and there are many, at least to get your credit score to 580 for you to pre-qualify for an FHA with 3.5% down.
If you have any questions you can contact me at :
Cell : 214-444-4954
Or apply directly at http://www.thelendersolution.com.
Best luck to you Manuella!
...My experience includes 34 years of helping people who are first-time "home buyers", and I worked for a credit repair company, so I am a Certified Instructor in that field. I am going to differ with the advice you will get from other people on this website: You should NOT go to a loan officer and have them pull your credit report! ~All that does is to create a Hard Inquiry on your report, which will lower your score since you are not actually getting a loan from that company in the near future.
...It sounds like you already know what is on your credit report, so you should proceed to work on the issues. ...You need to work on two areas: A) > Removing negative items from your report, and B) > Adding positive items to your report. ...You can write letters yourself, or you can hire someone to do that for you. (Be careful of scammers who will take your money, and do Nothing for your FICO score.) ---Do not agree to pay anybody By The Month to "improve your score for you." ...All those companies will do is drag their feet in order to get the most out of your bank account.
...Since you have already had some problems with financial management in the past, you would be wise to get some good solid counseling from a financial expert. ~Don't use a credit card for anything but necessities that you can afford to pay for. ---What I mean by that is to charge a tank of gas, and put the cash aside so you can pay the credit card bill off when the invoice comes in from the bank. ~The most important thing you can do is to pay your bills ON TIME. ...Every bill; Every month. ...But then, if you analyze it, only the bills that are reported to the major credit bureaus count.
...It is important that you get a letter from your Landlord saying you have paid your rent on time for 12 months or more. ...It is important that you have paid your utility bills (and cell phone) on time for 12 months or more. ...It is important that you have a car loan that is getting reported to the credit bureau, AND that you pay it ON TIME every month, for 12 months or more. ...It is essential that you have a job history showing 24 months of consistency. ...You need to have a checking account, AND a savings account at a major bank. ...You need to have at least one, preferably two, major credit cards (MC or VISA). ...Use them every month, and pay the balance down below 30% of the max credit allowed on each account. (If it is a $300 limit on the card, then pay the balance below $90 every month. Zero is not a requirement; it is better you leave a small balance to roll over to next month, but ALWAYS keep it below 30% of the card's limit.) ---If you don't have a major credit card, go to a large bank and get a Secured Card with a small deposit to a savings account. ...Put a serious amount of money into another savings account from each paycheck. ~If you are spending ALL the money you make from each paycheck, you are doing something wrong! ...Review your lifestyle, and make some changes. Reduce your rent. Reduce your spending on "entertainment" and other luxuries. ---Call me and I'll show you how to reduce the cost of your electric bill. ~Seriously!
...Do not close out any accounts. ...It may sound strange, but you need "credit" to get more credit. ...If you do not currently have a car payment, sell the car you have to someone (privately), and then go buy a cheap used car from a company that will report your payment history to the credit bureau. (Ask them First.) ...If you can afford to do so, go to a store and buy some furniture item where they will extend you credit for the purchase. But make sure they will report your payments to the credit bureau First.
...The most important thing for you right now is not how much credit you have, or how much you owe to various companies, it is how you make your payments on time that will bring your score up. ...And when I say bring your score "up", ...I mean you need to get it over 640. (Yes, I know there are lenders out there who advertise a house loan with only "580", but you will pay a higher interest rate, and not get the best loan.) ...You don't need a lender guiding you right now; You need a financial counselor or a credit counselor. There are non-profit organizations out there who can help you, but beware of anyone who wants to charge you up front before they raise your score.
Contact me for personal assistance. God luck!
Unfortunately, your score is below what most lenders require for qualification.
I'd be more than happy to look at your credit and see exactly what it is that's
keeping your score down. I can also provide guidance on how to increase your score, so that you are ready to buy in 6-12 months.
Please give me a call. I'm here to help.
Arthur Garcia III
I'd be glad to assist you.
Capital Real Estate
Keller - Fort Worth - Arlington, Texas
TREC Broker # 0401604
SFR - BPOR - CNE - ABR - CPM Candidate
FORCE Member - REO & Property Manager Certified
NOTE: Texas Law requires all real estate licensees to give the following information about brokerage services:
Get your financial affairs in order before you look at buying a house, because otherwise you are setting yourself up for failure.
I would recommend you first speak to a loan officer to see exactly where you stand now and to get an idea of what you need to do to become approved. From there, speak to a HUD-approved housing counselor http://(www.hud.gov) who can provide you with some guidance on improving your credit.
Feel free to give me a call and we can discuss your situation.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
24901 Northwestern Highway Suite 407
Southfield, MI 48075
Direct (248) 728-0078 | Fax (248) 595-7130 | Cell (313) 622-7383