There are many different programs available. You may have heard that the majority of lenders look for a credit score of 620. We acutually have programs available for borrowers with credit scores down to a 560 of course there are certain requirments that the underwriters are looking for and the interest rate is a little higher usually around a half of a percent. Have you tried to repair your credit? Sometimes there are minor things you can do to bring up your score. I have worked with many borrowers in situations like this. If you would like I can discuss this information and your options with your further. I can be reached at
I have FHA down to 580 credit score at 5% . However you will be paying points to get that rate.
I do recommend using a credit repair service and I have one that I refer my clients to which costs them $100 and are turned around in 30 to 60 days.
Pull your own credit report at myfico.com don't let lenders pull it. They use the fico scoring system to determine if you qualifiy or not. It won't hurt u to pull it your self and use that to get information from lenders.
I'm in the same boat, FHA is the only way 620 min fico score wit 4% down. If u need help with credit repair check out dedicated credit repair in temecula, CA. They r the real deal 100% legal. Because of them I will be a Home owner this summer.
You need to visit with any qualified loan officer(s) first, see if in fact you qualify, and have your credit score checked--their scoring is different--your loan officer will then be able to you a guess estimate as to a rate--keep in mind rates do vary and do change daily.
Depending on how bad is bad credit. You may not be able to get anything any more. If you are talking FHA between a 580 and 620 score, you may be at 5.5%, and have to pay MIP regardless of how much money you put down. Depending on the size of the loan, the rate could be higher.