I have less than perfect credit...probably in the 560 to 580 range. Is buying my own home hopeless? I am working on paying down debt.

Asked by jodeesmith, 77422 Tue Nov 27, 2012

I am a single mom with 2 kids and live in Brazoria County, Texas

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Rosalina Esq…, Agent, Orlando, FL
Fri Jan 4, 2013
There some programs Out there that will fit you. Do not fell scare. When are you expecting to buy? and Where?

You still have hope.

Contact Me

Rosalina Esquilin
Charles Rutenberg Realty
"The Standard Of Excellence"
0 votes
Donald Flemi…, Agent, Celebration, FL
Thu Dec 20, 2012
There are some owner finance options out there with a 20% downpayment and good income. Get in touch if you have any interest.
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, ,
Fri Dec 14, 2012
With FHA financing, you can have 'less than perfect" credit and still be eligible for financing. There are some minimum requirements that you have to meet such as a minimum credit score (in today's mortgage marketplace this has increased to about 620 FICO score). However, there are some quick and easy ways of increasing your credit score that I can share with you.

If you would like to discuss your specific situation, please give me a call.
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Daniel Kwak, Agent, Orlando, FL
Wed Nov 28, 2012

I know there's a local place in DeLand that helps clients raise their credit score. I personally don't know of anyone that went there, but someone referred me to them saying they did an excellent job with rebuilding credit for the people they knew. As Nikki stated, most loans require a 640 or better credit score, but don't lose hope! You can check out http://www.scorecrafters.com and let me know how it goes. Best of luck to you, you'll definitely be able to own your own home one day!

Daniel Kwak
Keller Williams Classic Realty
0 votes
Rhonda Smith, Agent, Celebration, FL
Wed Nov 28, 2012
I work with a phenomenal mortgage broker! As others have stated, nothing is hopeless. The first thing is speaking with a mortgage broker to learn what you may be eligible for and how to rebuild your credit. I'm happy to discuss this with you further - please contact me.

Rhonda Smith
Keller Williams Classic II Realty
0 votes
Nicki Berman, Agent, Clermont, FL
Tue Nov 27, 2012
nothing is never hopeless - you will need to build up your credit but I would recommend speaking to a credit counselor. Most FHA loans now are requiring atleast a 640 credit score
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Philip Cabral, Agent, San Jose, CA
Tue Nov 27, 2012
It is not hopeless.
Here are just two examples of individuals I am currently working with.

My friend had only $8,750 to his name but didn’t want to miss out on the next real estate boom so he called several lending institutions and walked out with a pre-approval for a $290,000 FHA loan requiring only 3.5% down. He is currently in escrow for a home valued @ $300,000.

A recent graduate with a $20,000 student loan, two years into her first job earning $45,000/year, $30,000 in savings, and in her first year of a Master’s program also didn’t want to miss out on the next real estate boom so she applied for a home loan with a lending institution and is now pre-approved for a $300,000 conventional loan with 10% down payment. She is currently looking at homes in Kona, Hawaii.

I don't know if you will be able to buy a house. But, you first have to contact a lender to find out.

Good luck!
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Maggie DeGen…, Agent, Altamonte Springs, FL
Tue Nov 27, 2012

It's never hopeless. Visit a lender of your choice and let them tell you what you have to do. Work a plan and stick with it. Before you know it you will have your dream of homeownership.

Good luck.


Maggie DeGennaro
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