Home Buying in Davenport>Question Details

Butter, Home Buyer in Davenport, FL

i have a 541 credit score but need to purchase a home for 150,000.00 can you have me find a loan to purchase

Asked by Butter, Davenport, FL Thu Jul 23, 2009

the house

Help the community by answering this question:


with a credit score of 541 it will be quite difficult for you to qualify for a loan... Lenders want a minimum score 620..... but some lenders can work with you with less credit scores, but they can charge you higher interest rates and as DAVID said, you should watch out for them... best way for you will be to improve your credit scores....

All the best.....
0 votes Thank Flag Link Thu Jul 30, 2009
No FHA does not require a credit score but the lenders do, and watch out for the ones that don't.
0 votes Thank Flag Link Thu Jul 23, 2009
Hi Butter,

You need on working to improve your credit score. I can recommend some good Brokers if you contact me. From a practical perspective, most lenders in today's conservative mortgage market, are seeking a minimum score of 620 or so in order to place you in an affordable program.

Good luck,

Marty Kaiser
Web Reference: http://www.floridasells.com
0 votes Thank Flag Link Thu Jul 23, 2009

FHA loans do not look at your credit score, however you must be able to proof that you have a good payment history with several other accounts and that will establish your credit for the loan...and of course enough income coming in.

Contact John Smoley at: email@m1fs.com he is a local mortgage broker who is known for handling difficult loans, let him know I recommended him.

0 votes Thank Flag Link Thu Jul 23, 2009
You need to find a good Mortgage broker, who can get all your information and figure out a program for you.
Good Luck!
0 votes Thank Flag Link Thu Jul 23, 2009
I can't find you a loan with that score but I will work with you and help you get your score up.
0 votes Thank Flag Link Thu Jul 23, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer