Home Buying in 30044>Question Details

Ada, Home Buyer in Lawrenceville, GA

I would like to buy a house with 580 score, and 20% down payment first time home buyer in Lawrenceville Ga area

Asked by Ada, Lawrenceville, GA Mon Oct 1, 2012

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I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get your client a loan they can
1 vote Thank Flag Link Sun Jul 21, 2013
Hi Ada,
I am not sure if you have a buyers agent but you may want to consider Redfin. Unlike Trulia and Zillow Redfin is an actual real estate agency serving the Lawrenceville area with local agents. PLUS it has a database of homes available that is updated multiple times from the multiple listing service rather than depending on people posting homes and updating their status.

Also Redfin helps with locating lenders, and the website provides everyone with a great home buying guide.

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0 votes Thank Flag Link Mon Aug 19, 2013
Good morning Ada,

Most Lenders today require a minimum credit score of 640, although some Lenders will go down to 620 with "compensating factors" such as a down payment of 10% or larger. That doesn't help you as your score is below 600. It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Oct 4, 2012
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Getting Pre-Qualified is the only way for you to find out your options.

Fannie Mae and Freddie Mac do not allow for credit scores under 620 on conventional mortgages, so FHA would be the only possibility.

To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Thu Oct 4, 2012
I live in the Lawrenceville and just had a team meeting last week with our lenders. They might have a way to tell you what you can do to increase your score and what will not increase your score.
0 votes Thank Flag Link Mon Oct 1, 2012
I would be glad to assist but the first step is to get prequalified with a lender. If you call, we can do the search to find a lender for you. They will be able to tell you the criteria and what you will need in order to qualify.

Sandra Robinson
ERA Sunrise Realty
Associate Broker
0 votes Thank Flag Link Mon Oct 1, 2012
Hello I would be very happy to assist you in your home buying process. contact me

Keller Williams Realty Metro Atl.
Licensed in Ga. & La.
0 votes Thank Flag Link Mon Oct 1, 2012
Give me a call and I will walk you through the financing and buying process.
Full time realtor since 1993 in Gwinnett county Georgia.

I have some great homes in Lawrnceville that features big open kitchen,
spacious master bedrooms, and private backyard.

Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
Direct 770-307-8751
Fax 888-799-3184
Over 28 Million SOLD
0 votes Thank Flag Link Mon Oct 1, 2012
Hi Ada,

Congratulations on your decision to purchase and being prepared with a down payment. I would be happy to get you intouch with a lender. Please give a call.

Ava Anderson
Solid Source Realty Inc
Associate Broker
770 369-5121
0 votes Thank Flag Link Mon Oct 1, 2012
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