Home Buying in 92595>Question Details

Alondramuril…, Home Buyer in Calton Mims, Laredo,...

can i qualify for a homeloan with a credit score of 543?

Asked by Alondramurillo, Calton Mims, Laredo, TX Tue Sep 6, 2011

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Answers

9
Visiting with a reputable mortgage lender is the only way to know for sure - Good luck!

Kevin McLaughlin, Broker Owner
Berkshire West Realty
info@BWestRealty.com
0 votes Thank Flag Link Thu Mar 13, 2014
THERE ARE GUIDE LINES THAT LENDERS HAVE TO GO BY, SO BEST THING TO DO IS ASK A LENDER THAT HAS BEEN IN THE BUSINESS FOR A WHILE TO FIND OUT ABOUT ALL TYPES OF PROGRAMS THAT MEET CERTAIN CRITERIA
HOPE THIS HELP.
BEST OF LUCK
0 votes Thank Flag Link Thu Nov 21, 2013
Visiting with a reputable mortgage lender is the only way to know for sure - Good luck!
0 votes Thank Flag Link Sat Aug 3, 2013
I have two responses for you.

First, the only way to know for sure what your options are is to go to a mortgage broker directly (not on a website!). Find someone who is recommended in your local community. Go through the application process. Even if you don't qualify, you will learn what you need to do.

Second, I see many versions of the question on a daily basis. If you know your credit is bad, then fix it!!! If your credit is bad, then pay off the debts and balances you owe! It makes no sense to buy a home with bad credit. Even if you qualify you will get very high interest rates.

I believe passionately in home-ownership. But, people need to be financially stable and strong to buy a home. There are always extra costs, maintenance and repairs...don't go into home ownership if your finances aren't in order. We've all seen the result of that in the past decade.

Take care.
0 votes Thank Flag Link Wed Feb 27, 2013
Have you considered a lease with an option to buy while you get your credit into better shape?
0 votes Thank Flag Link Mon Nov 5, 2012
YES, THIS CAN BE DONE WITH A WILLING SELLER. IN THE MEAN TIME YOU SHOULD FIX ANY CREDIT ISSUES ALSO GET YOUR TAXES READY TO SEND TO A LENDER THAT YOU DONE RESEARCHED ON.
KELLY ARCHER
ARCHERLUXURYHOMES.COM
Flag Thu Nov 21, 2013
Alondra,

Your best effort would be spent working to improve your credit scores. If you need a referral for a reputable repair company, please let me know.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Wed Sep 7, 2011
Hello. I know of some lenders that can go down to a 500 credit score (FICO). There will have to be some compensating factors such as income, assets and a good explanation why your score is where it's at. Let me know if you're interested in talking with this lender. You can reach out to me through my profile.

All the best!
Web Reference: http://www.ajsocalteam.com
0 votes Thank Flag Link Tue Sep 6, 2011
Probably not, most lenders cut off at 580 or 640. Even if you could the credit score works both ways, it also protects you from doing something that will be a problem. If you are having budget problems without the expenses of home ownership buying a home may sink your ship. If the problems were isolated and behind you that is one thing, if not then buying a home is probably a bad move. In that case address the problems first then buy a home.
0 votes Thank Flag Link Tue Sep 6, 2011
Consider improving your score first--however no reason not to consider consulting with any loan officer, after reviewing your overall financial information, a determination can be made--if you don't yet qualify, at the very least you'll know what needs to be done...
0 votes Thank Flag Link Tue Sep 6, 2011
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