Home Buying in Fenton>Question Details

Rolling123, Home Buyer in Fenton, IA

My credit score is 547, and need out of our rental house, but having a miserable time getting a home loan. Is there anybody out there to help us?

Asked by Rolling123, Fenton, IA Tue Apr 26, 2011

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Rolling 123,
I might have some good news for you. You live in Fenton, IA. This is considered a rural community and there are special loans for rural areas. (Check the link below) Talk to your local bank and ask them if you can qualify for a loan to purchase a home (even with a low credit score). A lender is the only person who call help you or give you the correct information.
Another avenue is to see if anyone will sell you a home on contract or on a rent-to-own lease. Don't be afraid to ask people that have a house for sale or rent if they would consider these options. The worse thing they can say is "no" but they could say "yes".
As you can see, there are possibilities out there.
Keep me posted.
Good luck.
0 votes Thank Flag Link Wed Apr 27, 2011
Try contacting a Wells Fargo loan officer, they are advertising loans for credit scores as low as 500. You will need to have 10-20% down payment money from what I understand as well as other compensating factors.
0 votes Thank Flag Link Tue Apr 26, 2011
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