Patrecia DeWalt, Broker, ABA, C-Crec
Vantage Real Estate LLC
However, there are some lenders that say they will loan with scores as low as 535. But at much higher interest rates.
I hope this is helpful. If you have any additional questions feel free to contact me.
National Realty Centers, Inc.
248-724-1234 x319 office
I strongly suggest that you continue to rent until you can qualify for a traditional mortgage; then go shopping for a home. Put the money that you would have spent on the surcharge into a savings account. Fix your credit. And before long you'll have a home of your own.
When you want to buy a home the best place to start is to hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Contact http://www.naeba.org for a referral in your area.
I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.
Best of luck!