I have a credit score of 530 and was wondering if there is any way to get a home loan

Asked by David, Ogden, UT Mon Feb 23, 2009

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Chris Browne, Agent, Salt Lake City, UT
Wed Feb 25, 2009
Hi, you could qualify with FHA, please email me for my preferred mortgage brokers who I work with. They can also help you with credit repair if necessary.

Another option is to consider seller financing. If you have a small downpayment, then some seller will be willing to finance the property to you themselves. Not every home available can be bought this way, but every day more and more sellers are offering this type of financing to get a home sold.

Depending on why your credit is poor, you could seller finance for 1-5 years until your score is good enough to get a conventional refi. If this is of interest to you, please contact me to discuss.

As for the other poster who said you shouldn't be allowed to get a home simply because your score is low, that is disappointing to see someone with that viewpoint. There are many reasons why someone's score is low, and not all of them mean you are unfit for home ownership or a bad credit risk. Keep smiling!

Chris

P.S. Yes, as a Realtor my job ios to help people buy and sell houses. While I guess this means I have a vested interest, it also means I am qualified to review a person's situation and see if I can help them make a responsible choice. I also own a property management company and rentals, so I do understand that not everyone is ready for homeownership. Cheers.
1 vote
A Looker, , Salt Lake City, UT
Wed Feb 25, 2009
This may sound nasty - OK, it is nasty - but as a responsible home owner/mortgage payer I hope you can't get a loan. I am tired of paying for the mistakes of others who can't or won't manage their money. Please keep renting until you have shown that you have the self discipline it takes to raise your FICO score. A higher score will also get you a much lower interest rate. Let's face it, right now the economy is paying a terrible price because too many people bought homes they couldn't afford with money loaned to them by greedy brokers and banks. Just because you can get a loan and buy a house doesn't mean you should.
You might also want to notice that the majority of posters on this board are realtors and brokers. Nothing wrong with that, but it does mean that they have a vested interest in people buying, selling, and re-financing.
1 vote
Listen up greaseball: Just because someone doesn't have a high credit score doesn't make them a piece of trash. You are a low life, judgmental grease ball who probably sits in a church every Sunday thinking you are better than everyone else. Mistakes are made. Lives fall apart. I'm glad to see that there are actually perfect people on this useless planet like you that have the right to say something about another person's credit worthiness without even meeting them. Oh, you're from UT. So you're a retarded mormon. That explains it.
Flag Fri Jan 10, 2014
Jeff Hatcher, Other Pro, West Jordan, UT
Wed Jan 2, 2013
All fine to take the offers you can get. But if you have 3 to 6 months to get your credit back on track, you should do that first.
If someone does finance you talk to a reputable credit restoration company to help (licensed registered bonded CSO)
0 votes
Justin Colem…, Mortgage Broker Or Lender, Park City, UT
Fri Feb 25, 2011
David,

I think the first step is to look at your credit report and figure out how you got a 530 score. Are the current delinquencies, judgements or liens? These are items that have direct negative impact on your score and possibility of mortgage financing.

Go to my site and download the credit manual, it is on the left and will open a pdf....http://jcoleman.blueroof360.com/site/319580 it will help you immensely. If you would like to discuss in greater detail, please feel free to give me a call.
0 votes
- Sal Salafia…, Agent, Perinton, NY
Sun Jan 30, 2011
I just wanted to say that I agree 100% with Chris's answer to both you and the 1st responder. Keep your dream alive, you are very close to having a qualifying credit score with the lender that I work with. Apparently there is even a lender claiming to be able to help you with your current score. I would urge you to make sure you buy wisely and with in your means, but buying a home is a great way to position yourself in a very positive way not to mention it is a great boost to the economy each person that buys (within their means).
For more real estate advice: http://www.RochesterHomeLocator.com
-Sal Salafia
RE/MAX PLUS
http://www.RochesterHomeLocator.com
http://www.FindRochester.com
Web Reference:  http://www.FindRochester.com
0 votes
Jake Johnson, , Melville, NY
Tue Mar 17, 2009
Hope is here!! My company is one of the nation's largest FHA lenders and we will do loans down to 500 credit scores on refinances and 531 on purchases. I can almost guarantee you that there is very few if any lenders at all doing these loans right now. We are a direct Ginnie Mae lender and are making it happen. If you are dealing with a broker, switch to a direct lender because there isn't a bank they can put you through that will close these loans. I know, because I was a broker-owner for 5 years. If you are below these scores, we can create an automated report for you on what exactly you need to do to give yourself the few points you need. I have been in the business for ten years and there is a reason why I am with this lender. You can call me at 888-536-3001, ext. 1540 or email me at jjohnson@lendamerica.com. Talk to you soon!
0 votes
Dominique Re…, , 93704
Tue Feb 24, 2009
It is possible with FHA but it really depends on what is on your report more than the score. I would be happy to discuss this further with you anytime.

Thank You,

Dominique Ressurreicao
Co-Branch Manager
American Pacific Mortgage
559-892-6812
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more