I am a single mother I have been paying rent for 5 years. I have only 1 income . Never have had a home before. Credit score is around 520.

Asked by rjohnson, Orlando, FL Wed Mar 27, 2013

I need to know if I qualify for a first time home loan

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Sylvia Paul, Agent, Apopka, FL
Wed Mar 27, 2013
Hi rjohnson, I'll be upfront with you................520 is way low and I am not aware of any lender who would be willing to work with you until and unless your credit score improves. Even if you were fortunate to find someone it would cost you by way of of the higher interest rate they will charge because they will consider you higher risk.

As you have not owned a home previously, you might be able to qualify for a first time homebuyer's downpayment assistance program of up to $25K but you must have a minimum credit score of 660 to qualify. My suggestion would be to get working on improving your score. If you have a relationship with your banker you might want to go in and speak with a loan officer there, or a credit counselling center to see what you need to do to get to where you want to be in the shortest possible time. If you don't have someone to work with I would be happy to put you in touch with some experts who
can help you. Feel free to contact me for further information at 407-864-3139, or sylvia@sylviapaulrocks.com
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Thu Mar 28, 2013
I would advise renting while you re-establish credit and can save up some money.

I'm willing to help you thru this process at no charge but you will have to do exactly what I tell you to do in stages.

If you can agree to this contact me.

0 votes
Melissa Gera…, Agent, Tonawanda, NY
Wed Mar 27, 2013
Your credit score could be a challenge. I'd do what you can to bring your score up. I know some banks will consider you based in not just your credit score, they look at your income as well. I have a lender you should speak to just to get an idea of if you'd qualify now or what you'd need to do to qualify down the road.

Email or call if you'd like that lenders name.

Melissa M Gerace
Real Estate Consultant/Realtor
Premium Properties Real Estate Sevices
0 votes
Jennifer Bar…, Agent, Winter Park, FL
Wed Mar 27, 2013
Hi RJohnson,

Although I am not a lender, most lenders will require a 620 or better. I do work with a lender that could help you if you have a 600. I also have a first time home buyer package I can send you. Take a look at my profile to see if you would like to work with me. I look forward to speaking with you soon.

Jennifer Barker
0 votes
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