Can you get a mortgage loan in FL with a low credit score to purchase a house?

Asked by Tlc, Florida Tue Jun 19, 2012

I and my husband was looking to purchase a home in Florida. However, I was looking for a bank that will deal with people who has a low credit score. We pay our bills, only my husband debt ratio is high. We have the deposit for the house and we both work. We are looking to buy in the next few weeks. Does anyone know what lender if any will be able to help us? Does anyone know the lowest score the lender will take.

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Annette Law…, Agent, Palm Harbor, FL
Tue Jun 19, 2012
Orlando home buyer,
There is just way too much we do not know to provide any actionable guidance.

The good news is you recognize your situation. If your husband is in agreement that your best interests are better served if your credit score were improved, you are now ready to start down the path of financial stability. However, both of you will need to be partners in this goal. No one want to have their time wasted by those whose heart isn't committed to the outcome.

Acquiring a mortgage with a low credit score will be costly! You will end up pay way to much in interest and other fees and this will encumber you to an extent that any bump in the road will send you flying into a gigantic wreck! Don't be involved in a gigantic wreck.

Start your recovery with a plan and patience. In the end, you will be much much better off.

Identify a local bank that has a history of investing in the local economy by providing mortgages and small business loans to area residents. The big banks consistently get an "F" grade while local banks consistently get "A" and "B' grades.

Find an "A" or "B" bank and give them a call. Set up an appointment and let the agent know you want to purchase a home and would like their guidance regarding improving your credit score. When they have helped you qualify for a mortgage, don't be a bandit and get a mortgage through another bank. That a source of really bad Karma.

Now, here is the resource to use to find the bank.
http://www.BankingGrades.com

Best of success to you.
Annette Lawrence
Broker/Associate
http://www.FloridaRealEstateMadeEasy.com
1 vote
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Wed Jun 20, 2012
Really depends on how low your low is. If you are down in the 400's or 500's then it's not going to happen. Try a mortgage broker. They can tell you if they can find anyone.
0 votes
Sylvia Paul, Agent, Apopka, FL
Tue Jun 19, 2012
So what do you consider low? Different lenders offer different products and I know some that will go below 600 so if you are close, it just might be possible. Feel free to shop around.
Alternately, I could suggest a couple of lenders for you if you would care to call or send me an email. I would be delighted to work with you through the process to help you realize your goal..........might even get you qualified for some form of downpayment assistance. Feel free to contact me for a free, no obligation consultation. Here for you!
Sylvia Paul
Realty Center
Orlando, Florida
(407)864-3139
sylvia@sylviapaulrocks.com
0 votes
Jennifer Bar…, Agent, Winter Park, FL
Tue Jun 19, 2012
O and you should also shop around because some lenders are not direct lenders and they charge high fees that you will be responsible for. I have about 3-4 lenders I work with so that we can find the right fit for you.

Jason Leibowitz Annie Mac Has done a 590 in the past)
jleibowitz@annie-mac.com
1866-312-6682 ex206
973-964-4303

Good Luck!
Jennifer Barker
Exit Realty Central
561-506-5564
jenniferbarkerrealestate@gmail.com
0 votes
Jennifer Bar…, Agent, Winter Park, FL
Tue Jun 19, 2012
Most Lenders work with a credit score of 640. There are lenders that will do lower, but 640 is a good number to shoot for. I work with a lender that has been able to do a 590 in the past.There are other things to consider besides the down payment. I have a great Buyers Guide I can send to you that will explain everything. Have you found a home yet? Email me and I will get the lender information over to you along with the Home Buyers Guide.

Jennifer Barker
Exit Realty Central
561-506-5564
jenniferbarkerrealestate@gmail.com
0 votes
James Willia…, Agent, Kissimmee, FL
Tue Jun 19, 2012
Hi,

The normal credit acceptance score is at least 620; however, there are some lenders that offer products with a credit score as low as 600. I would encourage you to partner with a mortgage broker to go over your situation in detail to determine your eligibility. Call Flo with Integrity Home Loans at 407-620-0615 or email her at flo.hurley@inthomeloan.com

James Williams, III
RE/MAX Premier Properties
321-402-8047
jameswilliamsiii@remax.net
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more