Home Buying in Hampton>Question Details

Basil Ohagwu, Home Buyer in Fayetteville, GA

first time buyer, credit score low. can I get preapproval?

Asked by Basil Ohagwu, Fayetteville, GA Fri Feb 1, 2013

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This question was asked from this property: http://www.trulia.com/property/3099765322-138-Madisyn-Dr-Ham…

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I do not know a lender that lends at 501. I do however think you should call and see if you can get help getting your score up to a level that will help you to qualify, lenders know what the banks have to see and who better to help than someone who does this day in and day out. Call Andy - 404-346-6565, he is my go to guy when my clients have credit issues. He shoots straight and will tell you what options you have. If you do not have a Realtor® - I would love to help once he gets you approved. I am Jerri Sims 770-634-1892. I wish you the best.
0 votes Thank Flag Link Tue Feb 5, 2013
I pay My 1400 month rent on time and is trying to get a rent to house with a credit score of 501. How realistic is that?
0 votes Thank Flag Link Sat Feb 2, 2013
One option might be to do a lease purchase where you lease the property for a period of time, say 1 to 2 years, with a portion of your lease payment going towards the purchase of the property.
Flag Mon Feb 4, 2013
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sat Feb 2, 2013
There are progams that accept lower scores. Many banks want to see atleast a 580 or better. I can refer you a loan officer if you are not already working with someone. If not please call me at 770-634-1892 Jerri
0 votes Thank Flag Link Fri Feb 1, 2013
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