I'm looking to buy a home worth $70k. I have 40% down payment. My credit score is about580. My annual income in $45000

Asked by Ms2115, Lawrenceville, GA Wed Mar 26, 2014

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6
Cottell Coop…, Agent, Duluth, GA
Tue Dec 16, 2014
Hello New Home Buyer,

I am a full time real estate agent that researches and markets local homes in your area. I work with ALL transaction big or small and provide the same service in any situation. You are in the best possible position to make an investment now.

My company has in house financial services division which works with all lenders to help secure your next home.

Cottell Cooper
BHGRE Metro Brokers
678-886-2111
cottellcooper.metrobrokers.com
newgwinnetthomesforsale.com
0 votes
Stacey Whiti…, Agent, Peachtree City, GA
Thu Nov 6, 2014
Hi Ms2115, I was wondering if you were able to purchase a home in the Lawrenceville area. If not I would love to provide you with my service to locate you a future home. You may reach me at 678-276-5509. Thank-you, Stacey Whiting
0 votes
Stacey Whiti…, Agent, Peachtree City, GA
Mon Apr 7, 2014
Hi, I recently completed a transaction that was similar with your current situation. The lender that complete the closing transaction told the buyer from the beginning when you have a large down payment you won't have any issues at the 580 credit score. I definitely would make sure your credit score stays consistant at 580 or better if possible. After the lender checks a potential buyer's credit the lender can provide a few suggestions that could be helpful to improve your score. Please call (678) 276-5509 so I am able to further assist you.

Stacey Whiting
Keller Williams Realty
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Mar 26, 2014
Ms,
With that much cash, please consider addressing your credit issues. You could probably pay off or down some revolving balances and see your scores go up and the rate you would have to pay go down. I realize that financing around $42k that the rate may not matter too much, but once you've addressed your credit you'll have more options available for you.
Discuss this with a lender who assists with credit repair and you may save thousands of dollars over the life of the loan.
0 votes
Kirsten Well…, Agent, Atlanta, GA
Wed Mar 26, 2014
Hey Ms2115,

I think I have a lender that could get it done for you. The one issue is you may have to put down less money at closing to keep your loan amount a bit higher. Some of the new lending laws have made really small loans impossible.

Please let me know if I can help.

Kirsten Wellborn
Garrett Realty
404-867-5662
0 votes
, ,
Wed Mar 26, 2014
An FHA is going to be your best bet with a low credit score like that. But your score better be at least 580 or above, because "about" 580 won't cut it. The lowest any lenders I have heard of will go is 580 and that is a hard cut off point.

The large down payment will help your case, but in addition to the credit score they are going to take a very close look at the "why" behind those low scores. Your recent credit history - the last 6-12 months - probably has to be clean and they will require all judgments to be paid off and probably any collection accounts as well.

Our company personally requires a 600 credit score, but there are a handful of lenders out there who can do 580. I'm sure some of them are here on this site.

Best of luck!
0 votes
Hi

I am not sure where you are in the process but we work with a great lender that could help you get this done.

Please contact me if you are still in need of obtaining a home and financing.

Colleen!
404-754-3188
Flag Sun Dec 7, 2014
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