Home Buying in El Paso>Question Details

Davisc00, Home Buyer in El Paso, TX

I'm looking to buy a home but my credit score is 575. Would it be better to continue to rent, or is buying an affordable option? Thanks for your

Asked by Davisc00, El Paso, TX Mon Oct 17, 2011

time

Help the community by answering this question:

Answers

9
you havent provided much info, but based solely on the score, you should try to improve your credit first.even if you can get a loan you will be hit with a higher interest rate
0 votes Thank Flag Link Thu Dec 8, 2011
It would be better if get your credit score up to 620+ before you start looking for a home. A Loan Officer where you bank or a Mortgage Lender might be able to assist you with this. There are Mortgage Brokers that can get you a loan, but you will need a large down payment and your interest rate will be higher than the market rate interest. It might be better to fix your credit score, so that you can get a better interest rate. This could take 45-days to 6-months, depending on what is on your credit report. There could be things on your credit report that don't belong to you. Think about it.
0 votes Thank Flag Link Tue Oct 18, 2011
It depends on what you want, some lenders can push approval through, but rates wont be as good and you wont get approved for very high. Especially now in this economy, its more difficult to get approved for a loan with a credit score under 580, and at 580 its still difficult. If your looking for something low cost that may need some repair and you can get a loan with reasonable terms and monthly payment than you can pursue that. Other than that I would definitely get it over 620. You can get references for specialists in credit repair. I have someone that I could recommend. If your interested call or email me.
0 votes Thank Flag Link Mon Oct 17, 2011
It depends on what you want, some lenders can push approval through, but rates wont be as good and you wont get approved for very high. Especially now in this economy, its more difficult to get approved for a loan with a credit score under 580, and at 580 its still difficult. If your looking for something low cost that may need some repair and you can get a loan with reasonable terms and monthly payment than you can pursue that. Other than that I would definitely get it over 620. You can get references for specialists in credit repair. I have someone that I could recommend. If your interested call or email me.
0 votes Thank Flag Link Mon Oct 17, 2011
Howdy and Happy Monday
Well a 575 is not as bad as you think but to get the best rates it would be desirable to get it over 620. I have had many clients get their score up in 30 to 60 days and in the process clean up the clutter in your credit file with CreditFix. While you are perfecting your credit you can look and have fun to be ready when that day comes. Definitely renting is out of the question! What throw away homeownership, tax deductions, equity growth and the pride of ownership. So you are already ahead of the game as you asked the question, now the rest is easy.
Web Reference: http://www.EPHomeSearch.com
0 votes Thank Flag Link Mon Oct 17, 2011
Not many options at 575. I require 620.

I have an e-book about credit. Email me and I will send it to you free of charge

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
0 votes Thank Flag Link Mon Oct 17, 2011
You really need an absolute minumum 620 or 640 credit score depending on the program. The good news is once you get there you can get just about the same rate and term as somebody with a credit score much better than that with FHA financing.

Your first step should be to find a trusted lender you can work with to get your credit moving in the right direction. Is your credit moving or is there still some bad credit hurting your scores? What do you need to do to get the 50 to 70 point move as quickly as possible?

Find somebody you trust who will take the time to answer all of those questions. You may be able to buy a home sooner than you think... but you won't know until you get to the answers to the questions above and find a person to work with to get you there!

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Mon Oct 17, 2011
With that low of a score, it will require a larger down payment, your first step should 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 dont quailify now, they can tell you what you will need to do for the future

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_kno…

Please see my blog for tips on getting a mortgage
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 17, 2011
Most lender will require a 625 + credit score . Recommend contact a mortgage broker and continue to clear your credit

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Oct 17, 2011
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