If you have a valid reason for low scores - or an extraordinary event that was temporary in nature and can be explained and documented - you may have options.
Check with a LOCAL bank to see if they will consider a Portfolio loan. This is a loan that is kept by the bank in their portfolio - generally at a higher than market interest rate.
Once your credit gets back on track you can refinance at any time.
Ask a local Realtor for a local bank that does these type of loans - they are out there.
If you like the answer - please consider making it a "Best Answer" !
Licensed in Maryland, Virginia and Washington, D.C.
Assisting Homebuyer's and Seller's for 28 years
Please see my blog for more info and tips on obtaining a mortgage
Thanks and good luck,
Hi - you are in a fortunate position of having the large down payment.
However, not knowing particulars make it hard to answer correctly, but I suggest you speak with a mortgage professional in New Hampshire.
I use Dave Johnson of Schaeffer Mortgage he and his team can guide you in the right direction.
Steps to take would be to get your credit score up - paying down debt, paying on time for several months.
Some programs allow for a letter of exception written by you.
Bottom line though - you need to get pre-approved by a mortgage professional, unless the owner is willing to finance the property to you themself.
Is it possible to put part of your large down payment towards debt or something to raise your credit score but still have enough for a decent down payment? You may have already looked at this option... I'm only trying to help.