Hi, Gina: You generally need to have a credit score of more than 620 to obtain financing, but please ask a Realtor in your area of WV to recommend a good local lender so you can work with someone who understands your market. The recommended lender should be able to give you a step-by-step credit repair plan. If you follow the plan, you'll find yourself well on the way to future home ownership.
Also, remember that you'll want to also save up an emergency fund prior to buying. Houses will always have something that needs to be maintained and you'll want to be able to be a responsible homeowner and keep your property in good condition.... more
Tazewell is eligible for the no money down USDA mortgage, unfortunately, your credit scores are not. You'll need at least a 620 middle score for a USDA mortgage but things will be easier with a higher score.
The most important thing you can do to improve your credit scores is to speak with a mortgage professional to determine what you need to do to raise your scores. It maybe something as simple as paying down credit card balances or you may need more extensive help from a credit repair professional.
One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.
Here's an example: An FHA mortgage of $200,000 is going to have a monthly mortgage insurance payment of $208 but on a USDA mortgage it's only going to add $67 to your monthly payment.
The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.
Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.
Senior Mortgage Banker