I am a 28 yr old male with a 530-580 credit score. What are my chances of getting some type of home loan in the state of kansas?

Asked by Jyoung1984, Wichita, KS Sat Jul 28, 2012

My income combined with my future wife's income is 53k yr. Our total monthly bills are 1000 per month, and our takehome is appoximately 3400 month, she has a credit score over 700. We are looking to buy in approximately 6 months. We just want toknow what kind of help there is out there. Also we will have approimately 5,000 towards the purchase price of our new home. We would like to stay around the 90,000 price range. Whatever information you have we would appreciate. Thank you in advance.

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Trevor Curran’s answer
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Mon Jul 30, 2012
Good morning jyoung1984,

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Sit down with a Local Mortgage Banker to review your and your fiance's Income, Assets, and Credit. This review will advise you what actions you need to take to improve your credit score, and an approximate timeline to do so.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
0 votes
Paul Rosales, Agent, Wichita, KS
Sun Jul 29, 2012
I agree with much of what the others have stated. However, there are some lenders out there who will do home loans for folks with credit scores in the 500's. Using such a lender will make it much easier to combine both your incomes on a home loan. Sitting down with a lender as soon as possible will help you better understand where you are financially & how to build up your credit score. Building up credit scores takes time. Therefore, the sooner you sit down with a home loan officer the more time you will have to beef up your score. Higher scores should lead to lower mortgage payments.

As for what's available to first time home buyers. There are several programs available to those who qualify. These programs may provide thousands of dollars to help you buy a home. Not all lenders offer these programs, so it's important to carefully select the right lender. I deal with many lenders who offer a large variety of home mortgage products. I am sure we can find the right fit for you. Feel free to give me a call so we can chat about your needs, wants & unique situation. Based on our conversation I should be able to point you to the lender who can best serve your needs. My cell# is 316-250-9960.
0 votes
Byron Tucker, Mortgage Broker Or Lender, Wichita, KS
Sat Jul 28, 2012
I would suggest submitting an actual mortgage application to ensure your information is correct. There are slight variances in credit scoring. If you are viewing a consumer pulled report it could indeed be different on a lender fico report. Just shoot over to http://www.homeloanswichita.com and choose apply now for easy online application!
0 votes
Darrell D. D…, Agent, Schertz, TX
Sat Jul 28, 2012
Ok, here's the deal.....first off, your age doesn't matter. As long as you are not a minor and can legally enter into a contract, you are good.

In terms of your score, it appear too low to qualify as is. In terms of your finace's score, it is great and she may qualify, but if she attempts to qualify alone, you cannot use combined income. And your joint savings can only be used if she is on the account or there are other gifting options that can be looked at.

Your best bet is to sit down with a local lender and have them pull credit scores, verify incomes, look at debt ratios, and give you both options separately or together based on the factual findings. Good Luck.
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