As Michael mentioned below is there a reason your credit is so low? Do you carry high balances? Late payments? or collections? I understand your frustration of paying $700 a month when it could be going towards an investment. With a score of 550 I personally don't know of ANY lenders that will currently lend on that. The minimum FICO requirements for programs that you are trying to get into is 580. There will also be other factors when a lender looks at your appliation do you have reserves? What is your debt to income ratio? Employment? If you need any further assistance please feel free to contacat me at any time 800-839-6186x334. Thank you and good luck
scores for manual FHA UWÂ´s and will not.
Now if anybody wants a good FHA manual UW specialist w/ no minimum scores and already closing the FHA increased loan limits e-mail me @
I guess first you have to look at why your credit score is low. Is there a way it can be fixed? Credit score isn't the only thing Lenders look at. they also look at the amount of debt you carry and your work history. talk to a good Mortgage Consultant to help you find the best course of action for your needs. Feel free to contact me if you have any questions. Good Luck!
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969
You may qualify for FHA as mentioned before, I know some programs require a minimun 580 credit score and good on time rent payments as well as payments to your creditors as mentioned below as well. I just had a Taylor Bean representative in our office recently that mentioned they will loan to people with credit scores below 580 on a per case basis, however the rate would be higher. There is a possibilty you may be able to qualify for down payment assistance and you could purchase a home for almost 100% of the cost. Please consult a mortgage professional and weigh your options. Is there any reason your credit score is so low? You may want to consider taking steps toward credit repair, the better your credit, the cheaper it is to borrow money.
It may take some time - but with a decent plan, and some discipline, you'd be amazed what even a year can do to your fico score.
There are some programs out there for people with bad credit. Honestly - the terms are not that good (okay, they suck) . Given the extra money you are going to pay for the privelage of getting a loan - financially it very well may make more sense to spend some time building your credit, and saving any extra money you have towords a downpayment. It may seem like you're throwing money down the toilet right now - but if you do get a loan, it will most likely consist of a lot more money down the toilet compared to the equity that you could be building instead of paying higher interest, fees, mortgage insurance, who knows what else your lender will try to hit you with.