Home Buying in Amarillo>Question Details

Shannon Ibar…, Home Buyer in Amarillo, TX

if our credit score is 559 is there any body that will help us to start buying a house

Asked by Shannon Ibarra, Amarillo, TX Wed Dec 19, 2012

Help the community by answering this question:


I would love to help you work towards buying a home! I work with lenders who require at least a 580 credit score, your so close you could be there in no time! Owner will carry homes are also an option for you. Feel free to contact me and I can tell you more about them, and also help get you on the right path to purchase your home!

Krystal Hinds
0 votes Thank Flag Link Mon Mar 18, 2013
Absolutely! Call me today; I'd love to work with you! -Morgan 806-340-0416
0 votes Thank Flag Link Wed Mar 13, 2013
Hi Shannon,
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,
Shanny Dow
Coldwell Banker
0 votes Thank Flag Link Wed Dec 19, 2012
I have a lot of contacts that do private lending as well. Feel free to contact me, I know of lenders only requiring a 580 credit score and with you being close, could be only 3-6 months of repair.
0 votes Thank Flag Link Wed Dec 19, 2012
Hi Shannon,

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!
0 votes Thank Flag Link Wed Dec 19, 2012
Forget about buying a house today and find a lender who will work with you to get your credit house in order. It may take a year or longer but if you start correcting things today and understand how to get there you will get there. You can go back and read countless questions I have answered on how to rebuild your credit quickly.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Wed Dec 19, 2012
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