Financing and credit score

Asked by Todd Bostic, Gun Barrel City, TX Wed Jun 27, 2012

What if I need the seller to pay closing cost and my credit score is below 580, can I get financed?

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Todd Bostic, Home Buyer, Gun Barrel City, TX
Wed Jun 27, 2012
I don't know what would be the best, just get into a new home. My wife and I can afford a house payment, but after her parents spent money for her grand parents to buy a new house, that cost us our down payment.
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Todd Bostic, Home Buyer, Gun Barrel City, TX
Wed Jun 27, 2012
I have recently started working on rebuilding my credit. Like I said I am disabled. At one time, my credit was over 750.
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Kelly Ward, , Utah
Wed Jun 27, 2012
Hi Todd,

As suggested below, sounds like your first step is to take a look at your credit and get it restored.

Allied Credit Solutions can help repair your credit if you cannot get qualified for a loan. We offer a "true 100% money back guarantee, and our program is a MAXIMUM of 180 days. We are registered and bonded with the state and use Federal Law and your consumer rights to help you. Once we get a negative item off of your credit, it will be off permanently. We don't send out dispute letters like credit repair companies, we investigate the validity of the debt with the creditors, collection agencies, banks, etc.......... You have nothing to lose, and a new house and good credit to gain. Our website address is

Kelly W.
National Account Manager
Allied Credit Solutions
800 901-8122 ext 206
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Todd Bostic, Home Buyer, Gun Barrel City, TX
Wed Jun 27, 2012
Also, I am disabled and I was wondering if there there was any program that could help me out with my down payment since I am disable?
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Todd Bostic, Home Buyer, Gun Barrel City, TX
Wed Jun 27, 2012
I did have the closing cost, but circumstances came up that caused me not to have it, so that is me problem. My in laws were going to give us the money for our down payment, but they bought a house for my wife's grand parents and used that money.
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Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Wed Jun 27, 2012
Below 620 score will likely require more of a down payment...... even if you can get the loan.
Likely negating your chances if you 'need' the seller to pay closing costs.

You should work on the credit. You aren't ready to buy yet.
Maybe you can fix up the credit a little easier than you think.

Email me and I will reply back with a free e-book about credit.

Good luck

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
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Darrell D. D…, Agent, Schertz, TX
Wed Jun 27, 2012
Credit score is only one piece of the equation. Lenders also look at debt ratios, verifiable income and other factors in determining qualification. If you need help with closing cost assistance and have a low credit score, then you may also not have sufficient reserves after the transaction to make the initial payments which could also limit you.

I agree with Barbara that you should work on getting your score up and try to tighten your belt to save more in the process. Good Luck.
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Barbara Coker, Mortgage Broker Or Lender, San Antonio, TX
Wed Jun 27, 2012
You don't state what type of loan you wanted, but most lenders want at least a 620 on a VA or FHA loan. Down to 580 will be tough, but you might find it on an FHA. The underwriting conditions will be rigorous. Your ownly other choices would be owner-carry or hard money (30-50% down usually).
I would consider working with a good credit repair consultant to try to get that score up.
Barbara Coker
100% Home Loans All Over Texas For 30 Years!
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