Rent vs Buy in 30215>Question Details

Latisha, Home Buyer in

Should we rent or look at buying with little money to put down and credit scores in the low 600's?

Asked by Latisha, Wed Jun 27, 2012

The most we have to put down is about 5000. We are looking for something in Fayette County Georgia and just don't know what our options are. If we need to meet with someone that's fine does anyone have any names they can give us as too who to talk too?

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there are many no $ down programs out there and many super good deals.
you will need a 620 score though. if you are below that, go get a secured credit
cqrd for $300, charge 100 on it and pay 90 of it off. do that for 2 months and
you should get 20 points for that.
0 votes Thank Flag Link Sun Dec 30, 2012
Hi Latisha,
Having $5,000 saved for a down payment is a great start in that area. For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:
0 votes Thank Flag Link Wed Jun 27, 2012
Get preapproved by a mortgage broker. Their score will be different thatn one you receive from one of the on line credit reporting places. Low 600's can be raised in a couple months to a 640.

With a low down payment, look for a area that qualifies for USDA ( no down).
Closing costs can be paid by the seller or added to purchase price as long as you are buying the property a bit under appraisal value. If not youll have to go FHA with 3.5% down.

I have some awesome short sales in Fayetteville / I-85 area if youre looking that way.
for loan approval call Anthony Rice at Academy mortgage 770.634.7087, tell him marcus sent you.
hes excellent at credit repair to get you to a 640.
0 votes Thank Flag Link Wed Jun 27, 2012
My advice would be to take advantage of the current housing market and interest rates and contact a mortgage lender to try and get prequalified for a home loan. I would be happy to refer you to one if you'd like. Some lenders have down payment assistance and first time homebuyer programs they can see if you qualify for. Of course if you cannot get pre-qualified then renting may be the option.
Feel free to contact me directly if I can answer any other questions.
Web Reference:
0 votes Thank Flag Link Wed Jun 27, 2012
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