I want to purchase a Homepath home but my credit score is 550, with 3% down...I'm looking for a property no more than 80,000.00. Can some please?

Asked by Sandy Soto, Florida Fri Jan 6, 2012

advis Can someone advise me if this is possible...I live in south florida. Need a lender

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Annette Levi…, , New York, NY
Sun Jan 8, 2012
Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
1 vote
Massagebalan…, Home Buyer, Fort Lauderdale, FL
Sat Jan 19, 2013
Hello, I looking to purchas a foreclosure owned by sallie mae , however I had paid some debt and my score went down. TU 560, 520, EQuafaxs don't know the other , I just paid all my cc off 6 of them would that bring my score back up all other debts have been paid except one and the lender said they would work around it repo back in 2008 .Any suggestion? They house asking 129,000 I was told over price and I didn't pre qualified yet until I have my score back up I don't want another point .

Thank you ,
0 votes
Alma Kee, Agent, Tampa, FL
Fri Jun 8, 2012

I don't think it's possible with a 550 score to get a regular mortgage so you might try NACA above.
0 votes
Alma Kee, Agent, Tampa, FL
Sat Jan 7, 2012
Hi Sandy,

Try http://www.AimLoan.com and you will get an immediate answer.

If it's not possible, you may want to also consider HUD owned homes. You can buy them with only $100 down.

Oh and if you are a first time homebuyer you may qualify for up to $7,500 to used for your downpayment and closing cost once you are able to improve your credit score to at least 620.

A highly experienced loan officer can analyze your credit to give you suggestions on how to improve your FICO. It may be just a matter of paying down some of your credit card debt.

Good luck!

All the best,
Alma Kee
0 votes
Ann Ryan, Agent, Doral, FL
Sat Jan 7, 2012
Go get your credit report and take a hard look at what is happening. Do you have unpaid debts? If you start working on your credit score now, there will probably be foreclosures available when you do achieve a better score.
0 votes
Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Fri Jan 6, 2012
Hi, Sandy, Chris is correct. However, for us and most other lenders I know, you need a min FICO of 660 for Homepath. For FHA, its typically 620-640. However, there may be some banks/lenders that still do them as low as 580.
0 votes
Ryan Smith, Agent, Murrieta, CA
Fri Jan 6, 2012
Hi Sandy,

Homepath guild lines are very similar to FHA guild lines. Unfortunately your credit score needs to be 640 for most lenders. You may still be able to get financing but not Homepath. Check with a local lender in your area for more options. Good Luck!
0 votes
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