Buy a home is it hard?

Asked by Qwikrepairs.sp, Lubbock, TX Sat Feb 2, 2013

Can i qualify for a home loan with a poor fico number

Help the community by answering this question:

+ web reference
Web reference:


kevin belzer’s answer
kevin belzer, Agent, chandler, AZ
Thu Feb 7, 2013
Yes, but should you is the question. Sometimes it may be best to wait and rebuild your credit first. I have worked with clients that have done this and are glad they did. They learned how to better manage finances and ended up qualifying for a nicer or bigger home because of this.
There is alternative financing out there but it all comes at a cost. They will charge you higher interest and the payment can be a lot more than you would really be comfortable with.
0 votes
Ryan Buckley, , Scottsdale, AZ
Mon Feb 4, 2013
Ryan Buckley Realtor®
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
twitter @rcoldwellbanker
0 votes
Debbie Nieman, Agent, Phoenix, AZ
Sun Feb 3, 2013
You need to discuss this with a lender in your state. Regulations differ from state to state. What you believe is a low fico score may still enable you to purchase a home.

Some lenders even work with credit repair companies to assist in getting your credit score where you need it to be for that home purchase.

I see you are from Texas. If you would like the name of a good lender and realtor in the Texas area of where you live, please contact me and I can direct a couple to you.

Good luck!

Debbei Nieman
Keller Williams Sonoran Living
0 votes
, ,
Sat Feb 2, 2013
My best recommendation is start with a good lender who specializes in credit. I personally worked on my own credit after my divorce and brought my credit score from 585 to 758. This can be done is a relatively short period of time. If I can do it you can you.

Best of Luck!
0 votes
Stephanie We…, Agent, Gilbert, AZ
Sat Feb 2, 2013
I would recommend you contact a lender because your financial fingerprint is unique. If you're not able to get a loan at this time, a good lender will work with you to get your Fico score up so that within a few months you may be able to buy. The loan is a big part of the process. Good luck!
0 votes
, ,
Sat Feb 2, 2013
Buying a home is part of the puzzle. Qualifying for a home loan is the other piece. For some it will be hard, for other not so much. And the process is much more complex tha it was say 5 or 6 years ago.

Poor fico number will be an issue. the question becomes how poor is poor? For FHA the middle score needs tpo be 640 for an approval that has not to many hoops. From 639 to 580 the process gets more difficult the lower the score. While FHA guidelines allow for lower scores, it is the bank that is going to make the loan. And bank may not depending on all the factors present with a low score. Some situations it is better to increase the score than attempt loan approval with a low score just because the loan product exists for low scores.

Dave Jackson
Loan Officer/Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
602 277-3800 w
602 631-9788 f
602 524-2401 c
602 912-9438 h
BK # 0910057 NMLS LO ID # 284875
0 votes
Craig Frooni…, Agent, Glendale, AZ
Sat Feb 2, 2013
FICO is only part of the equation, income and cash reserves are also important. When you find the agent you want to work with, they can help you find a mortgage agent.
0 votes
Chris Bought…, Agent, Phoenix, AZ
Sat Feb 2, 2013
This question is probably answered best by a lender, and I'm sure that some will answer shortly. I believe for a FHA you COULD qualify for a 3.5% FHA loan with a credit score of 581+, if between 500-580 you could qualify for an FHA loan with 10% down. The best thing you can do to improve your credit is establish a solid payment history, get loans and credit cards below 50% of their original value or limit, and have an account open for a long time. If you have had a short sale, you can expect your credit to recover in about two years, and three to five years for bankruptcy or a foreclosure.

I'm not an expert in the lending area, but I'm sure you will get some great answers soon!

I wish you the best of luck!
0 votes
Rocky Dole, Agent, Maricopa, AZ
Sat Feb 2, 2013
I would recommend that you talk with a good lender who knows the market and what is available in financing. If you need a recommendation I would suggest that you call my lender, Ron Sublett, at (602) 228-4911. If you are unable to qualify right now then he has some great programs that will help you to get your score up so you can qualify. He is a great guy and I am sure that you will enjoy working with him. Just let him know that I referred you.
0 votes
Michelle Moz…, Agent, Santa Rosa, CA
Sat Feb 2, 2013

This is why you need a Realtor®!

Call me anytime, if you are looking in northern California or central Arizona.

Always in your service,

Representing the wine industry.

Michelle Renée Mozell
PO Box 897
Bodega Bay, California 94923
602 292-0753 Cell
480 452-0640 eFax

Bergman Euro-National, Realtor®
DRE License 01879859
5850 Anderson Road
Forestville, California 95436
707 887-9822 Bergman Office
707 887-1211 Bergman Fax

HomeSmart, Associate Broker
20860 North Tatum Blvd.
Suite 140
Phoenix, Arizona 85050
480 443-7400 HS Office
480 664-4357 HS Fax

Please consider the environment before printing this e-mail.

Why Choose Michelle?


In Arizona, I am a Broker, not simply a Salesperson. I assure you, few agents provide the level of service and safety that I deliver.

Here, in California, I am a Salesperson with years of Broker experience in Arizona.

I do not suggest that other agents cannot deliver competent service; I am stating that few others can deliver in every phase of the transaction the level of understanding, devotion to selfless fiduciary care and effective and protective completion of service (whether this is a successful close of escrow or a safe cancellation of the contract) as I do.

Few agents understand the market as I do.

Few agents complete the upfront research as deliberately and protectively and comprehensively as I do.

Few agents uproot important information and documents from the listing agent as I can.

Few agents judge the offer position as I do.

Few agents understand the contract and its language as I do.

Few agents understand real estate law as I do.

Few agents understand real estate financing as I do.

Few agents understand the financial implications of a transaction as I do.

Few agents draft an accurate, effective and thoroughly protective purchase contract as I do.

Few agents understand the connectivity and power of the associated addenda as I do.

Few agents can rip though the Seller's counteroffers and addenda to protect their client from dangerous legal language as I do.

Few agents understand the language of the Inspection Report as I do.

Few agents suggest the level of associated services as I do: Lenders, inspectors, appraisers, termite/pest inspectors and contractors.

Few agents understand the mechanics of the Buyer's rights to cancellation as I do and few agents can protect their client from potential breach of contract as I do.

Few agents have the comparable oversight experience that I do.

And few agents oversee the entirety of the transaction to safely deliver every client to a successful completion, whether that be a successful close or safe termination, as I do.

Welcome Home!

Competence Breeds Confidence.

Choose Michelle Mozell.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more