Home Buying in 46254>Question Details

Pcford, Home Buyer in 46254

i want to purchase my first home im in the process of rebuilding credit and score is 547 at the highest is there any programs i can get approved with

Asked by Pcford, 46254 Wed Mar 7, 2012

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3
Good Afternoon:

Good news is you are getting much closer to where you would need to be to obtain financing. Most large banks and/or local banking institutions require a minimum credit score o 640. I know of one lender, in Indiana, that offers financing at 585 miin. You may want to contact a local mortgage broker and/or lender to have your credit pulled. Many have a system in place that reviews your credit report and determines what you would need to do to increase your score where it needs to be. For example, maybe you have a few credit cards that you carry larger balances on. One determining factor of your score, involves your debt ratios. This will help you to determine a timeline, as to how long it may take and what you'll want to work on to make yourself financeable. I hope this helps. Let me know if you need any recommendations for lenders to contact.

Thanks.

Mallorie Wilson
Associate Broker
Century 21 Diversified
malloriewilson.com
1 vote Thank Flag Link Wed Jun 6, 2012
Hi,

Contact INHP (Indiana Housing Partner) I believe they work with clients whose credit score is in my mid 500s. Please contact me, if you would like my personal contact there.

Thank you,

Tiff Atkinson, NAREB
Carpenter Realtors
317-612-4546
tiffatkinson.com
0 votes Thank Flag Link Tue Feb 12, 2013
Unfortunately no. FHA requires a minimum of 640. If you're wanting to buy a home, I presume you're also trying to save money for a down payment? Use that money to pay down or pay off your debt and bring that credit score up.
0 votes Thank Flag Link Wed Mar 7, 2012
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