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Asked by Fred, Westwood, MA Wed Feb 24, 2010

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Answers

8
Stephen Suech, , Boston, MA
Thu Feb 25, 2010
BEST ANSWER
Some Lenders are still providing FHA 3.5% down with FICO score of 580.
0 votes
Belinda Arro…, , 02038
Wed Feb 24, 2010
Hi Fred,
In addition to being a realtor, I am also affiliated with a great credit restoration company.The higher your credit score , the more options you have when it comes to purchasing a home.Also, there are several first time home buyer programs that consider other things besides your credit score. If you wish to bring your credit score up , contact me or visit my web site.

Belinda Arroyo
Direct Realty
United Credit Education Svcs.
http://www.vrtechmarkeinggroup.com/b.arroyo
belinda.arroyo@gmail.com
508-446-5693
0 votes
James Deskins, Agent, Worthington, OH
Wed Feb 24, 2010
Fred, if your credit score is low enough that you can't get a "conforming loan" DO NOT GET A NON-CONFORMING LOAN! Remember those words and you will be a happy man in the future. Forget them and you will be a sad fellow.

Disclaimer: the view and opinions expressed are mine but you should take heed and listen to them.
0 votes
Hannah Flieg…, Agent, Larkspur, CA
Wed Feb 24, 2010
Hi Fred,

You only need a 620 credit score to qualify for a mortgage. This is not a good mortgage product more than likely but you can "qualify". Why not start with the basics and see where you are now and how to get your credit where you can qualify for a good mortgage product?
Mortgages do not even get exciting until you have a 720 credit score. Here are some resources.

For a FREE Credit Score visit
http://www.CreditKarma.com

For a FREE Credit Report visit
http://www.AnnualCreditReport.com

If you need assistance reading or understanding your report, give me a call and I can go over it with you. Good luck!

Hannah Fliegel
The Credit Repair Expert
415-999-9348
Web Reference:  http://www.HowDoYouScore.com
0 votes
Heidi Zizza, Agent, Framingham, MA
Wed Feb 24, 2010
Fred that is very tough to answer. There are MANY variable that help a person to qualify for a loan, credit score being one of them. Also, what is poor? With a lower credit score you might get a higher rate but if your ratios and income are good you might qualify. Also a proactive Mortgage broker may be able to help you with a credit fix before you apply. I just has a client do that and went from a 580 to a 684 thanks to the Mortgage professional. If you would like a referral you can email me at mdmrealty@msn.com
Heidi Zizza
mdm realty
Web Reference:  http://www.mdmrealtyinc.com
0 votes
Tetyana Ivan…, Agent, Stoneham, MA
Wed Feb 24, 2010
Hi Fred,
you've received great answers.
Do not hesitate to contact David Hill david@mortgageworkshop.com
He is a great professional and very proactive.

Good luck!
0 votes
Frank Hooton, , San Antonio, TX
Wed Feb 24, 2010
Hi Fred. "Poor" can have a range of meanings. I would strongly suggest meeting with a lending professional who can guide you in the best process to either be able to obtain a mortgage now, or help you to plan how to "cure defects" (which means to fix what you need to in order to obtain a mortgage) so you can hopefully obtain one later. There are a lot of factors involved in getting a mortgage and credit score is but one factor-so even with a "poor" score, you may be able to make it work. Also, if you don't have success with the first person you talk to, don't give up, there are a bunch of options out there and differing levels of commitment to achieving your goals! Where there's a will, there's often a way, even with some new tougher guidelines. I wish you the best of luck!
Web Reference:  http://www.sharptexans.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Feb 24, 2010
With a poor credit score your only chance will be 20-30% down or more. your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost and let you know if there are any programs you do quailify for. Try and avoid internet lenders. When you do meet with the loan officer, if you do not quailify now, they should be able to tell you what you will need to do to obtain a loan in teh future. good luck working things out
Web Reference:  http://www.ScottSellsNH.com
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