You would not be able to qualify for a loan with a score of 523... Lenders ask for minimum score of 620, for FHA loan... If you want to go for conventional you need to have a score of 700+... Some lenders can work with you with a score less than 620 depending on your other financial situations, but they can charge you higher interest rates...

Regardless of what some people on this board have suggested, You DO NOT COMPETE for loans!

That is just ignorant!

Either you qualify for a loan or you don’t. ALL PEOPLE WHO QUALIFY WILL GET A LOAN!

I have never known of any qualified buyer being denied a loan due some sort of competition.

Contact a reputable mortgage company in Ascension, let them look at your situation. Ask what you need to do to boost your scores. It may as simply as paying down all credit card to below 50% of the balance.

Good luck

Although Dunes and Ian are correct about your husband needing to work to improve his credit, you do have a few other options. One of those options is to buy a home with creative financing. While I don't invest in your market, if I did invest there, and if you were interested in one of my properties, then I'd do the deal with you with either a lease-option (if you didn't have a down-payment of at least 20%), or a wrap (at 10% APR [due to the credit rating]--with the 20% down-payment). Most other investors I know will probably offer you similar terms.

The point isn't to crucify you (or anyone else for that matter); rather, better credit leads to better rates/terms.

You so smart Daniel and clever, what will we ever do?

Thanks for using your RE knowledge to save another consumer from stupid things Dunes said.

.

Camie67e

Ian is correct....The blunt truth is you need to work on your credit.
A loan to buy a home is a good hunk of change and any reputable lender is going to have to decide if you are capable of or willing to pay it back.

Your credit history is an important piece of information for the lender to consider.

People compete for loans and you will be competing at this time with a major disadvantage and you don't want to take a loan from anyone except a reputable lender. (It would be foolish)

Work on your credit, save for a Down-Payment and then find your home..That's my opinion

Good luck, Dunes

You need to work on your credit, get rid of the credit card debt and get some cash in the bank. This may require a 2nd job or something...but the pain of that is short compared to a lifetime of luxury

It usually takes around 580 to qualify for FHA. Call Linda Grassi at 925-824-4848..she's a great mortgage broker....tell her you situation and she can advise you from there.