I spoke with a lender about your score--he says he counsels buyers as to how to repair their
credit score, and would be glad to help you. I can give you his name and number if you are
interested. We know that banks want to make loans--it will just take some time to get your
score up for a good loan. Thank you,
Chances are slim that you'll find anyone willing to finance you with a score in the mid 500's. Depending on the loan product (FHA vs. USDA, etc.), you're going to generally need above a 620 to qualify. You might want to look into USDA however. They do not look at the "score" as much as they do the "driving factors" behind the score.
For instance, if your low score is a result of an unforseen illness or accident that put you behind the 8-ball with unmanagable medical bills, they probably would consider financing you if you credit was good prior to that happening.
If you are running from creditors because you maxed out 5 credit cards, got sent to collections for multiple bills with no extenuating circumstances, and never made any attempt to resolve the debt - then you most likely aren't going to be approved until you can the issues resolved and your score up. Unfortunately, that just takes time.
I would talk with a mortgage broker in your area and see if there is anything they can do - however be very cautious of anyone who tells you they can get you financed with a score in the 500's. I really focus in the coming months on resolving the issues that are bogging your score down. You can increase your score relatively quickly, but it won't happen overnight.
Hope this helps!
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com