Home Buying in Rio Rancho>Question Details

Krazy4eeyore, Home Buyer in Rio Rancho, NM

What are the chances of a first time home buyer being approved with poor credit?

Asked by Krazy4eeyore, Rio Rancho, NM Wed Feb 8, 2012

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Generally, the minimum credit score for a first time home buyer loan is 620. While some programs did exist below 620, they required higher down payments (e.g. 5%, 10%, etc.) as opposed to the minimum 3.5%. On HUD owned properties, there is a $100 down payment program with a credit score of 640+. For more information on down payment programs, go to: http://www.syan.com/down-payment-programs

If you have challenging credit, all we need to do is determine what it is that is effecting it. You'll be amazed, in a relatively short period time, you can boost your score to the minimum needed to qualify to buy a home.

I can connect you with a mortgage specialist who can assist you in getting qualified. Together, we can work towards getting you into a home.

For more information on buying a home, go to: http://www.syan.com/buying

Leigh-Jo
Syan Real Estate
Call.Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Wed Apr 4, 2012
Not good Krazy4eeyore if your score is below 580. Maybe a co-signer is possible? Perhaps a special area financing program. All areas of the country are different. Best to connect with a reputable qualified loan officer and or real estate agent to see where you currently stand. They should be able to direct you on the path of loan approval. Also check with area consumer credit agencies for FREE, and see what they suggest as well.

Best of luck to you,

Rob
0 votes Thank Flag Link Wed Feb 8, 2012
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