Home Buying in 32792>Question Details

Margo Carter, Home Buyer in Winter Park, FL

We may be moving to Orlando area in Jan, 2014, we are in the high 500's on credit report, what are our chance in getting a loan?

Asked by Margo Carter, Winter Park, FL Thu May 9, 2013

Help the community by answering this question:


AS long as your score is over 550 you can qualify for an FHA loan. If you are over 580 then it's a little bit easier. When you have a free moment don't hesitate to reach me via Trulia or read my reivews on Zillow.
0 votes Thank Flag Link Tue Mar 17, 2015
You could certainly call a few lenders locally here in Orlando, and most Realtors like me can refer you to a great one, yet usually #620 is the minimum credit score to get a loan, lenders will tell you. With a score lower than that, it's usually better to rent.
Also, remember that the credit score YOU get online is DIFFERENT from the one the lender will get that is specifically calibrated to Buying a home- so you'll have to have a local lender actually run your credit to know exactly what your true score is!
0 votes Thank Flag Link Mon Mar 16, 2015
What purchase price are you interested in?
0 votes Thank Flag Link Thu Jun 20, 2013
The high 500's is going to be tough for a loan. But you have 6 months to repair it as much as possible. The lowest I've seen lenders take is 650 and that was with a healthy down payment. But don't give up, if you shop around for a lender enough you might just find one that will give you the money.
0 votes Thank Flag Link Wed May 15, 2013
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