Home Buying in Suwanee>Question Details

Qns1980, Home Buyer in Duluth, GA

We are looking to buy our first home in the near future and we have credit scores of 577 & 615, would it be impossible to get a loan.

Asked by Qns1980, Duluth, GA Sun Oct 21, 2012

Also I currently have a small tax lien on my credit that I am working to pay off, would we be able to get approved with both of us on the loan with that on my credit?

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No, those credit scores to not meet FHA's minimum requirement at this time. HUD currently has a 580+ minimum credit score for all FHA mortgages. For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Getting Pre-Qualified is the only way for you to find out your options.

With scores that low, there are probably recent lates on your credit report. I would suggest first working on paying all of your bills on time for at least 12-24 months. Some of your unpaid collection accounts are probably also reporting you as late each month that the account remains unpaid. Paying those in full will begin the process of rebuilding your credit. Tax liens impact title position and therefore must be paid in full prior to a real estate closing.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Mon Oct 22, 2012
Answer is yes you can go FHA. Contact me direct and I will give you additional instructions.
Plan on paying off the tax lien.

Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
Direct 770-307-8751
Fax 888-799-3184
Over 25 Million SOLD
0 votes Thank Flag Link Sun Oct 21, 2012
Thank you Isabel!
Flag Sun Oct 21, 2012
Send me an email with your contact information at Cheryl@HotlantaListings.com or give me a call at 678-371-5062. I can connect you to my lender who has helped some of my other clients increase their credit score and ultimately get approved for a loan.


Cheryl Amari Heugel
Realtor/Associate Broker
Keller Williams Realty Chattahoochee North
0 votes Thank Flag Link Sun Oct 21, 2012
Flag Sun Oct 21, 2012
Good Morning, I work with 5 excellent Mortgage Lenders ie., Brand Bank, Prime Lending,Starkey, Wells Fargo and Bank of America. Any one of these Mortgage Lenders would be able to answer all your questions and of course all their services are FREE to you.

These Mortgage Lenders I work with have an outstanding track record with me on getting clients approved for a Mortgage Loan.

Please, contact me through my Trulia Profile so I can put you in touch with one of my Mortgage Lenders and put you in your First Home as soon as possible.

I look forward to hearing back from you.

Have a Great Day,

Rick Payne
Keller Williams Realty
0 votes Thank Flag Link Sun Oct 21, 2012
Thank you so much!
Flag Sun Oct 21, 2012
Sounds like you need to pay if lien and work on improving credit first.
0 votes Thank Flag Link Sun Oct 21, 2012
If you would like to email me darleneburnside@gmail.com I can email you a list of lenders whom you can check with for this information.

Darlene Burnside
0 votes Thank Flag Link Sun Oct 21, 2012
Thank you so much!
Flag Sun Oct 21, 2012
Hello & Congrats.. Now would be a good time for you start talking to lenders about what you can do improve you credit score before you get ready to make a purchase.you do have options. Let me know if I can help you in anyway. I love first time home buyers their an absolute joy to work with. Kaylane Peters. Keller Williams Realty Metro Atlanta Licensed in GA. & LA. 504-373-9696
0 votes Thank Flag Link Sun Oct 21, 2012
Thank you so much!
Flag Sun Oct 21, 2012
Consider paying off your lien first--as for mortgage qualification, for a personalozed answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sun Oct 21, 2012
Thank you so much!
Flag Sun Oct 21, 2012
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