bjacoby396, Home Buyer in 33411

will a 525 score permit me to find a house with an assumable mortgage or new mortgage?

Asked by bjacoby396, 33411 Mon Jan 20, 2014

On social security, so income is permanent

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6
FHA goes down to a 500 score, but there are other factors then just credit score. Your options will be very limited, but as long as you have strong income, good job time and lots of assets you should be able to get financing.
0 votes Thank Flag Link Sat Jan 25, 2014
Absolutely, it depends on the house appraisal and your ability to invest 25 to 35 percent into the property at closing. I can refer you to the lenders if you like. Regards, Misty
0 votes Thank Flag Link Sat Jan 25, 2014
I'm sorry, a 525 score is just too low to qualify for a home loan. The minimum score allowed for most lenders is 620. We will go down to 580 and I would be happy to review your credit and put together a plan to help you increase your scores!
0 votes Thank Flag Link Mon Jan 20, 2014
Hi bjacoby396,

Call or e-mail me and I'll send you a list of direct and private lenders. I work with a couple of pros that are real magicians!

Katie Ingram, Realtor®, CDPE, CFA
Keller Williams Realty
561.389.7863
katie@katieingram.com / http://www.katieingram.com
* Serving Buyers & Sellers in South Florida since 1999
0 votes Thank Flag Link Mon Jan 20, 2014
I'd call Michal Bander at Guaranteed Rate, 954-684-9227. If anyone can get you a mortgage, he can.
0 votes Thank Flag Link Mon Jan 20, 2014
Bjacoby,
Probably not. Assumable mortgages are few and far between. If you do find one the seller and the lender both have to approve you to take it over. The seller would want cash to cover their equity in the home as well, so it could be expensive up front.
Your score is either based on a one time major financial event you are still recovering from or a long term pattern of not paying on time. I don't know which, but I know many good people who have had credit issues for good reasons.
My general advice is to solve the credit issues first, that will improve the credit score and may put you into a position to buy later.
0 votes Thank Flag Link Mon Jan 20, 2014
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