I want to purchase a home and my credit score is low 500's. Where can I go to get financed? I have a good job and make good money.

Asked by Leticia Youngblood, Houston, TX Thu Mar 29, 2012

I am in my mid-40's and unmarried. I live in Austin, Texas and I want to stay within 10 miles of my current location. Thank you.

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Sharon9172005’s answer
Sharon9172005, Home Buyer, Maryland
Sat Jul 6, 2013
I live in MD I purchased a house over 13 yrs ago and unfortunately lost it. Since then my credit score has dropped to the low 500. What chance and how soon could I buy a house. I have a good job but under 2 years. But in only looking for single family in glen Burnie,Annapolis,or west Baltimore county. Thank you
0 votes
patriciabshp…, Home Buyer, Hampton, VA
Thu Nov 13, 2014
I`m in Virginia and I`m a business owner my credit score is 500 personal I `m trying to purchase a home in Hampton Va. where can I go to get financed?
0 votes
If you have 20% for a down payment I have options for self employed with low credit scores. The minimum loan amount needs to be above 200K. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been offering loans since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987

800 315 8803


Flag Fri Nov 14, 2014
Legitfinaid01, Home Buyer, San Antonio, TX
Tue Aug 6, 2013
I am a private lender and investor, Do you need a honest, quick, legit and reputable loan?? I can help you, we offers business and individual loan for more details contact me at legitfinaid01@gmail.com
0 votes
Yes I really need a loan to purchase a home for my business is home base janitorial/cleaning will some one please call me @ 757-729-4094 or email me at patriciabshp62@yahoo.com
Flag Thu Nov 13, 2014
Bill Austin, Agent, Austin, TX
Sat Mar 31, 2012
You've taken the first step, asking questions of professionals in the business. In most cases, with just a little bit of cooperation from you, a lender and a Realtor we can establish a plan and timetable to get you into a position to buy through normal chanels. You do have options outside the normal channels, but costs and interest rates make them a bad idea in most cases.
I'd be delighted to serve as your guide from where you are today to getting you into a home of your own. I'll make the process painless and affordable. Affordable you ask? Yes, how about free?
Contact me directly if you'd like my team's assistance and are not committed to a Realtor already. Best wishes!
Bill ~ 512-709-6343
0 votes
Jan Bowman, Agent, Georgetown, TX
Thu Mar 29, 2012
I just met with a potential buyer yesterday who wants to purchase a home in NW Austin and has a similiar story to yours, so I'm very familiar with your situation. You'll want to find a lender who can consult with you about how to get your credit score improved - it can happen faster than you may think! Lenders also consider your debt to income ratio, which would include such things as car loans, student loans and credit card balances. Finally, lenders are looking for job stability, so if you have been at your current job for less than 2 years, they'll weigh that into the equation.

The lenders I work with are like a part of my team, and we work together to help buyers get qualified as fast as possible, then guide them through all the steps involved from contract to close. I would love to visit with you and connect you with my lender team.

Don't give up on your dream of being a homeowner - it will happen!

Kim Stanley, The Stanley Team
E-Mail: kim@kimstanley.com
Web Reference:  http://www.Team1Austin.com
0 votes
Betina Forem…, Agent, Austin, TX
Thu Mar 29, 2012
Dear Leticia,
Your best bet is to work on improving your credit score. If you are able to get a loan with a score in the low 500's you will be paying a much higher interest rate and ultimately paying much more money for the same priced home. I would talk to a lender you trust, perhaps your current bank or credit union to see what loan programs they offer. Then once you have raised your score a bit see about getting approved and your interest rate will be far better. I wish you the best!

Austin Home Girls Realty
Web Reference:  http://www.BetinaForeman.com
0 votes
Derryk, Other Pro, Giddings, TX
Thu Mar 29, 2012
I have a lender that can go into the low 500s on credit score. Call or text me at 979-540-0978
0 votes
vivianne dor…, Agent, Austin, TX
Thu Mar 29, 2012
Hi, Leticia,

A low credit score can be a big problem. A good job and good income are plusses. Do you have at least a 5-10% down payment available (don't know what price range you are in, but whatever it is, you will need a good size down payment)? I am giving you below the email of a mortgage broker who is very helpful. Contact her and see what she suggests and if any loan is possible. Probably waiting another 6 months and raise your credit score is the best thing you can do at the moment. Try to pay off any outstanding debt because if you have other loans (car, student) or big credit card debt, your chances are very low. Another solution would be to find a home where the seller is willing to finance.

Contact Stephanie at:


Feel free to contact me after you talk to her and let me know what she said and what your options are. I'd be happy to help you find a home in your preferred area.

Vivianne Dordea
Sierra Homes Realty
0 votes
Albert Elhage, Agent, Austin, TX
Thu Mar 29, 2012
I would suggest a lender that can help with the qualification process. My preffered mortgage originator:
Michael Leseten at United Lending

can help you with this.

I would love for you to own your own home it is a joy to see folks owning their own home.
Albert Elhage, Broker
(512)971-1773 (Mobile)
(512)327-7449 (Fax)
0 votes
Cheryl Fowlk…, Agent, Lakeway, TX
Thu Mar 29, 2012
I would first suggest speaking to a lender that can help to put you on the right track in building up your credit rate. The lower the score the higher your interest rate will be equaling a higher payment. There are things you can do to increase your score within a short period of time. I have a lender that can help you with this and while you are working on that we can set objectives to get that home for you in a short amount of time. Give me a call or send me an email so we can get started today. I would love for you to own your own home it is a joy to see folks owning their own home.

Cheryl Fowlkes
Keller Williams
512-749-8509 cell
512-276-8823 office
0 votes
, ,
Thu Mar 29, 2012
If it were me I would not allow a lender to put me further in debt if I was already struggling to make my payments. The underwriting guidelines are actually liberal, if you do not qualify they are protecting you by saying no. There are more thoughts on the subject linked below. I hope my comments keep you from getting in over your head, good luck,
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