My credit score is 580. I currently only have one revolving account (auto loan) but had trouble with defaulted student loans a couple of years ago.

Asked by Ashley M., Phoenix, AZ Mon Mar 22, 2010

I have no credit cards (paid off and closed accounts). I have been with my current employer for a year and make $30,000/year.

I am looking to purchase a home under $50,000. Would I be able to get a 15-year-fixed loan? I know my credit report would need to be pulled, I am just trying to get a sense of what's possible for me.

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Scott Godzyk, Agent, Manchester, NH
Mon Mar 22, 2010
Your score is on the low side, with 20% down on most loans you woudl, however without knowing your whole financial picture, your best bet is to meet with a local and trusted mortgage broker, they can prequailfy you at no cost and let you know if there are any programs that meet your needs. If you dont they can assist you with what you do need to do so you are approved. good luck with your search.
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1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Mar 22, 2010
Without any other financial information--Why not visit with any qualified loan officer(s) first, see exactly what your budget can handle and check your credit score again--your loan officer may offer tips on how to best improve your score in the shortest amount of time--FHA loans currently require a minimum score of 620 and 3.5% down--there may be some lenders that will work with a lesser score but the interest rate may be higher. In the meantime, work diligently on repairing your credit--dispute old negatives, pay all bills on time, pay off old debt, keep credit cards below 50%, pay down debt, etc.
1 vote
Korene L. Cl…, Mortgage Broker Or Lender, Glendale, AZ
Tue Apr 2, 2013
Ashley, I would call a Certified Credit Coach. The best one I know is Derick Vogel and Ariel Vogel. They give great service and help you resotr and rebuild your credit. Call 480-478-4304 or 480-371-4225 with Credit Absolute. check them out at Tell them Korene sent you.

I am a Mortgage Banker that lends in both Arizona and California where I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 We are Direct Lenders, WE CLOSE LOANS! You may hear more information on YOUR Source For Real Estate on Money Talk Radio 1510 AM each Saturday from 12:00 Noon until 1:00 PM
0 votes
Dan Chase, Home Buyer, Texas City, TX
Mon Mar 22, 2010
Maybe you can get a loan. See if you can improve your fico score. At your p[resent score you will pay a lot extra in interest.
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