Quality Mortgage Lending
*FHA down to 600 Fico Scores
*USDA no money down loans
*$100 Hud Purchase Program
*Pre Approval letters in 24 hours or less
*Unlimited LTV on Fannie Freddie Harp Loans
*Jumbo Loans to 90% LTV with no mortgage insurance
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
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.
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.
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.
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It really depends on who is going to be on the loan. You most likely do not have enough credit history to qualify. Wife may or may not be ok. If you are using a real estate agent today, use them to help you find a mortgage resource. There may be no immediate solution today, but there could be one down the road. The mortgage resource can help you come up with a game plan for the future, if not help get you into a loan today.
Broker Baird & Warner
My advice is to pick a lender with a wide range of loan products and who demonstrates proficiency in understanding how the products relate to your credit situation and the purchase.
Best of Luck.