Can you refer me to a direct lender that accept less than or within 500 fico score to purchase a home. My husband and I has a poor credit score but

Asked by Augusta, San Bernardino County, CA Sat Jul 24, 2010

we have at least 10% to put down.We both have full time job, I am a registered nurse and been into this field of work for over 16 years and my husband is a dialysis tech for almost 16 years. We are very much interested to buy while the housing price is low but i dont wnat to be checked everytimem from alot of lenders because it affect our credit score. I read our crerdit score and aside for other reason it stated to many iquiries was one of them that affect our credit score big time. So I would only like to deal with the lender that deals with this specific problem (low fico score). Can somebody help us..?

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Shel-lee Davis’ answer
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sun Jul 25, 2010

Unfortunately, having a low credit score pretty much will keep you from getting a home loan from a direct lender. 580 is the lowest any of them will go, and that comes with high points and a bump up in the annual percentage rate you will pay for the next 30 years.

You are better off repairing your credit and then looking to purchase a home. I had one client that did this recently. They took about a year to fix their credit and it really paid off for them. We found them a great home, prices had gone down a bit from when they first started looking, and they got a 5% - 30 year fixed mortgage.

I specialize in the Torrance area. I would be happy to give you some information on the area and hook you up with a great lender who can give you some tips on how to clean up your credit. All of this at no cost. Then when you are really ready, we can go looking for that dream home.

And, don't worry about missing out on buying a home at a great price. With all the stuff in the news about another banner year in foreclosures, and with unemployment high (meaning there are fewer buyers out there) the chances are pretty good that prices will not go up significantly in the next 12 months. A little patience, and some hard work cleaning up your prior credit mistakes, will go a long way to helping you buy with total confidence and peace of mind. Feel free to contact me directly with any questions. Dare to Dream.

Shel-lee Davis, CDPE, SFR, QSC
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
1 vote
Carl Ben Wit…, Agent, Upper Montclair, NJ
Sat Jul 24, 2010
Be careful. You see that you have attracted a few offers to take your money and make you better. Paying down debt is good advice. Plus, saying you do not want your credit checked is the number one red light for trouble. It is a myth that having your credit checked when buying a house or car hurts your credit score. No one will lend you money without checking it. In real estate, it is the number one sign that showing you houses is a waste of time. Be careful.
0 votes
Leasing To O…, , Dallas, TX
Sat Jul 24, 2010
Hello there Augusta....

Have you checked into possibly doing a Lease-to-Own type purchase? By their very nature, they allow people, such as yourself, who have stable jobs and income the time to work on their credit WHILE living in the house you're eventually trying to buy.

If you do decide to try buying this way, YOU MUST be diligent on working with a Credit Repair specialist right off the bat when you start the lease-to-own process. The credit repair specialist that works with me has had people increase their credit scores from 50-100 points in just 12 months.

A Lease Purchase is not for everyone, but done correctly with PROFESSIONALS who understand the entire process, it could open doors (no pun intended) to homeownership for you. It's just another avenue on which you may want to research and educate yourself.

If you're interested in working with my credit repair specialist, shoot me an email and i'll give you her contact information. It's about $350 to enter into the program (which I TYPICALLY WILL PAY for the tenant/buyers that come into and use our Leasing To Own Solutions program) and then about $65 per month (which they will pay). Or you can just talk to her to see if her program would be a fit for you.

Best wishes,

Darin Ray
Lease-to-Own Professional
Independent Consultant
0 votes
FSBOsuccess, Home Seller, 28590
Sat Jul 24, 2010
With a credit score so low and extra cash to put down, how about use that money to pay debts that are obviously outstanding. You should rent a few years, learn to be responsible with your credit and finances and then begin the process of purchasing a home. Too many inquiries were from you trying to take out credit cards or open other lines of credit.
0 votes
Vickie Say-N…, , Los Angeles County, CA
Sat Jul 24, 2010
I spoke to my lender and he, Carlos said that he'll like to review your credit report and help possibly help your score a little higher. Call me. Let's discuss your situation. Vickie (818)692-5307 cell. Realty Executives.
0 votes
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