Home Buying in Dallas>Question Details

Pf19, Home Buyer in Dallas, GA

Is it possible to purchase home with foreclosure and 575 credit score?

Asked by Pf19, Dallas, GA Wed Apr 27, 2011

My husband and I would like to purchase a home for $50,000. He grosses $32000 a year, but has a foreclosure from 2010 and a 575 credit score. We are prepared to put 5% - 7% as downpayment. Would it be even possible to get a loan right now?

Help the community by answering this question:



The short answer is likely no.
We have a special group of investors that *MIGHT* be able to do this for you, the minimum down is 5% but everything else MUST be perfect. Typical deals have buyers bringing 10% to 20%.

Message me and I'll explain how it works, it's essentially a lease purchase with investor involvement.
Web Reference: http://GaHomesDigest.com
1 vote Thank Flag Link Thu Apr 28, 2011
Joshua Jarvis, Real Estate Pro in Duluth, GA
All loans that I am aware of require a higher credit score, however my best advise is to contact a mortgage officer in your area and have him review all your financials. You will then know if it is possible, and if not what you need to do to make it possible to get a loan.

Hope this helps!

Jean Feegel
Durham, NH
1 vote Thank Flag Link Wed Apr 27, 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