Home Buying in 64850>Question Details

Heather Pins…, Other/Just Looking in Neosho, MO

Is it really possible to buy a home with a median score of 600?

Asked by Heather Pinson, Neosho, MO Tue Aug 10, 2010

My husband and I are wanting to buy a home. Are there any lenders that will work with a 600 median score (verified to us by a mortgage company a few days ago.) The reason his credit is low is due to a home foreclosure resulting from his ex wife not making the house payments while he was stationed in Iraq with the Army in 2007. He also has a car repossession because of this. We can verify dates with his military orders and DD214. Since the foreclosure, he has paid off collections and has a few good lines of credit, including a mobile home mortgage with excellent payment history since buying it in Sept 08. He has been working dilligently to improve his credit. Is there anyone at all out there who can help us? The foreclosure was in 2007, its almost 3 yrs old.

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How do I go about finding lenders that sell to the Ginny Mae pool?
0 votes Thank Flag Link Tue Aug 10, 2010
You need to find a lender who sells directly to the Ginny Mae pool. They will do loans down to 580. These are generally mortgage banking companies. The major national lenders do not.
0 votes Thank Flag Link Tue Aug 10, 2010
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