What I would suggest is that you find a lease/option property for a year and build your credit score up. There should be several lease/options in Driving Park and slightly further east that you could find. I think with your score so low you really need another year of bringing it up before you try for a loan, but you can lock in a price now with a good lease/option house.

Hi Frank, I am working with many fist time buyers and I have lenders in my network who will underwrite an FHA loan with a 580 score. The price of the home is not determined by your score, but your income to debt ratio. Contact me for more information, if you like!

Hi Frank,

Due to current market conditions most lenders are requiring a 620 middle credit score or higher to qualify. You can apply and submit your application at a 580, however it is very rare to be approved. Would you like me to pull your credit and create a timeline on when you can buy and how I can guide you on necessary improvements to help you buy a new home?

Let me know - Good Luck,

Lindsey Bishop
Sr. Mortgage Consultant

P: 216-236-7270
F: 216-236-7271
E: lbishop@crefco.com

Hi Frank-
In Ohio, we have the OHFA program that could work.
I could send you some contact info non that if you wou;d mlike.
e-mail me at jwirsing@kw.com
John Wirsing
Realtor
KWR-GC

In this market,you really need a 620 minimum score. Owner financing might be an option for you.