Could I buy a home with a credit score of 560?

Asked by mrstwalker2011, Montgomery, AL Fri Jun 8, 2012

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Robin Davies, Agent, Prattville, AL
Sat Jun 9, 2012
Its hard to give a definite answer. Most lenders nowdays require a higher credit score than 560. Mortgage approval is based heavily on your credit score. The best route to take is to contact a local lender and speak to them. They can pull your credit, there may be a small fee for this, and look to see what your credit history reflects. The worst thing that can happen by doing this is that you find out that you can not buy a home right now, but the right lender can give you direction as to what to do and what steps to take to get your credit to a level where buying a home is a possibility. I work with several lenders that will "council" you and help you get to a point where you can buy. Learning how to improve your credit score is never a negative. It may take some time, but will be worth it in the end when you get to the point where you can purchase.
1 vote
Spencer Hayes, Agent, Sevierville, TN
Fri Jun 8, 2012
Check the "Find a Pro" list on the above menu, all the way on the right. When it drops down click on "Montgomery Mortgage Brokers or Lenders" selection link. Look for a lender that is local to Montgomery and submit any information you want there with a "Lending Pro". They are best suited for answering questions about potential financing programs that could be best for you.
1 vote
Joey Crampton…, Agent, Montgomery, AL
Sat Apr 13, 2013
Very unlikely - currently there are some national lenders out there that do offer programs for sub-prime borrowers bc they have investors that're okay lending to higher risk borrowers, however the lowerst I am aware of is 580 Credit Score on FHA with 3.5% down believe it or not. You still have to meet other lender criteria such as employment or income verification and debt to income percentages.
0 votes
How can I find out some information. My credit score is currently 586 but is in bkrp and my debt ratio is 2%.
Flag Sun Jun 2, 2013
Robin Davies, Agent, Prattville, AL
Sun Aug 19, 2012
Rates are based heavily on your credit score or your ability to buy down your rate. Investment property is treated differently that personal property that a buyer would live in, but the rates are still very good right now, even for investors. With excellent credit and money available, you should have a great opportunity at this time to make a purchase. If you need contact information for local lenders, please let me know and I would be glad to provide you with additional information.
0 votes
lmurphy99, Home Buyer, Montgomery, AL
Sun Aug 19, 2012
What kind of rates are available for out of state investors? We have excellent credit and a sizable down to play with. Interested in Montgomery, AL
0 votes
Melissa John…, Agent, Montgomery, AL
Sat Jun 9, 2012
Unfortunately. at this time lenders are requiring 640 and above. I advise you to contact a local lender and see if they could give you advice on raising your scores. Some have programs to repair credit issues and use rapid scoring technology to help raise your score. Of course this is after you have done the necessary footwork to take care of the credit issues. I hope this information will help you. Good luck.
0 votes
, ,
Fri Jun 8, 2012
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes
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