Home Buying in 29483>Question Details

jamescoulter…, Other/Just Looking in Summerville, SC

Is it possible to get financing with a credit score of 600 to buy a home? Thank You

Asked by jamescoulter20, Summerville, SC Sat Jan 19, 2013

Help the community by answering this question:

Answers

11
It will be very hard in this market for you to buy a home with that credit score, lenders have tightened up quite a bit. That being said it could not hurt to try you just never know sometimes you can find the right person or they may have a quick fix idea for you to correct your credit score so you may qualify for a loan and purchase your home.

Good Luck!
4 votes Thank Flag Link Sat Jan 19, 2013
Many lenders are helpful in providing you the information that will assist you in increasing your credit score. Sometimes it's as easy as paying down a current debt with just a few dollars. Contact a lender and ask for help!
0 votes Thank Flag Link Wed Jan 22, 2014
NACA.COM CAN HELP, BUT YOU HAVE TO GO TO WORKSHOP!!!
0 votes Thank Flag Link Fri Sep 6, 2013
Mr. James,

The best course of action is to contact an FHA approved lender.

HUD website has all of the approved lenders listed, you can take a look here:

http://1.usa.gov/YwsNeY
Web Reference: http://jdhall.com
0 votes Thank Flag Link Mon Feb 25, 2013
James,

I can connect you with a Credit Repair company... they have a 95% success rate and guarantee their services. Highly reputable. The consultation is free.

Send me your email address to maureen@thekeystocharleston.com and I can provide you the information.

Why not increase your score to 640 so you can take advantage of the low interest rates!

Let me know if I can be of help to you.

Regards,
Maureen
0 votes Thank Flag Link Mon Feb 18, 2013
YES! :) We are able to finance folks with credit scores as low as 580...FHA with only 3.5% down and no investor overlays. Please contact me.

K.C. Jones
RH Lending
214-432-0486
kjones@rhlending.com
0 votes Thank Flag Link Mon Jan 21, 2013
we are looking to buy in Summerville we need a 4 bedroom, we would love to stay under 100k and this is the issue we need to buy from NY then we will move down unless there is a short term rental option that we can move to while we look but want to do this ASAP
Flag Fri Apr 5, 2013
Hey James
I have a lender right now that is helping several of my clients with a score around 600. If you would like to discuss your particular situation with him give me a call and I can set it up. He just told me yesterday in discussing another client with him that he has one underwriter that could do so and with interest rates being at a record low you have nothing to lose!

Team Reese
Spence Reese
HRE/Summerville
843-478-3104
team.reese@yahoo.com
0 votes Thank Flag Link Sat Jan 19, 2013
Hi James

Yes there are many lenders who will lend even below 600 but it wont be
the best rate. One can always work with a Credit repair company before or
after the purchase, either buy first, or repair credit after purchase and then
refinance.

Lender is looking for Earnings, debt to income ratio, length of time on job
and career, retirement assets, reserves, co signer if any , and also if you have foreclosed
or done a short sale in the last few years. Or been party to one, where you were a co signer
and the primary borrower defaulted.

Good luck.
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Sat Jan 19, 2013
Hi James,

There is a class that will teach you how to repair your credit. I recommend it because I know the military sends their people to this organization. It is called Increasing Hope. increasinghope.org is their website.

I understand there are a few lenders that will make a loan with a credit score of 600 but they usually require a larger downpayment than the typical FHA 3 1/2% downpayment. Feel free to give me a call or email me for more details.

Vickie
0 votes Thank Flag Link Sat Jan 19, 2013
Hello,

It may not be a high enough score to get qualified at this time. I do recommend seeking advice from a lender and I can recommend Jeff Doss at Bank of America who has helped two of my most recent clients get financed after consulting them on what needs to be done. He can be reached at 843-216-7112 or by email at jeff.doss@bankofamerica.com

Let me know if I can be of any help. Have a Great Weekend!
0 votes Thank Flag Link Sat Jan 19, 2013
If you want to use a conventional mortgage loan to buy a house, you will probably need a credit score of 620 or higher. In 2012, we've been seeing some lenders set the bar even higher, at 640. When using a government-backed loan (such as an FHA or VA loan), you might get approved with a score below that range.

There's only one way to find out if you're qualified for a mortgage loan. You have to apply. You can start the process online and I would be happy to put you in touch with a qualified mortgage broker.
0 votes Thank Flag Link Sat Jan 19, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer