Home Buying in 67401>Question Details

jnep1976, Home Buyer in Salina, KS

buying a home with a credit score of 560

Asked by jnep1976, Salina, KS Mon Jul 23, 2012

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6
Have you taken a look at your credit report lately?

Federal law entitles consumers to receive (1) free credit report from each of the reporting agencies.

http://www.annualcreditreport.com would be the portal to visit if you're looking to obtain your free credit report.

You may or may not have some accounts in collection. You should clear those up as soon as possible. Lenders will require that you do so, regardless of credit score.

Setting collection accounts may not raise your score, however, you may very well qualify (give it a month after settling for your report to reflect the payment) for a credit card from capital one.

Your score should improve within a matter of a few months (hopefully getting to that 620 threshold that most lenders require).

A mortgage broker or loan officer would definitely be able to provide for better guidance depending on the particulars of your situation.
0 votes Thank Flag Link Fri Oct 12, 2012
Try exploring a lease to own situation. Generally you will still need some money to put down, but if you set it up on a "close within a year" basis - your rent payments (on time) can carry some weight with a loan officer. Plus if the agreement counts part of the rental payment towards the purchase price, you will wind up with a lower purchase amount.
0 votes Thank Flag Link Fri Oct 12, 2012
Try exploring a lease to own situation. Generally you will still need some money to put down, but if you set it up on a "close within a year" basis - your rent payments (on time) can carry some weight with a loan officer. Plus if the agreement counts part of the rental payment towards the purchase price, you will wind up with a lower purchase amount.
0 votes Thank Flag Link Fri Oct 12, 2012
Try exploring a lease to own situation. Generally you will still need some money to put down, but if you set it up on a "close within a year" basis - your rent payments (on time) can carry some weight with a loan officer. Plus if the agreement counts part of the rental payment towards the purchase price, you will wind up with a lower purchase amount.
0 votes Thank Flag Link Fri Oct 12, 2012
It would be best to visit with a loan officer in your area. Most of them are very helpful.
0 votes Thank Flag Link Mon Jul 23, 2012
...is very difficult. With sufficient income, FHA may extend financing. Otherwise, you'll need to rebuild your credit to earn the trust of mortgage lenders.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Mon Jul 23, 2012
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