I currently hace a credit score of 574. It is poor due to stupid mistakes I made in my youth. I have paid on time for the past 3 years or so. I

Asked by Mustachio75, 33458 Sat Jan 2, 2010

have had the same job for 6 years and make over $60,000. Can I qualify for a FHA loan? I have heard different things. Ive heard no one will touch you below 620 then I have heard there are programs that take scores as low as 520. down payment is no problem, just a loan is. I live in Kankakee Illinois and plan to buy in the area. Any help would be appreciated. thanks.

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Tom Priester, Agent, Tequesta, FL
Mon Jan 4, 2010
Mustachio,

There are programs out there that you may qualify for and if you would like to contact me I would be very happy to recommend a broker that may be of great assistance. As you probably know, the first step in your home search is to get a pre-qualification letter so the Seller knows you are able to close on the transaction and the inclusion of this letter is usually required on any offer you may be making in the future. I grew up not too far away from you in the Quad Cities and would love assisting you in making a wise purchase decision when you do make it down to Paradise.

If you would like any additional information on homes in the Jupiter area, just let me know and I would be happy to be of help. I also have a fantastic search program that will provide you up to date and accurate information directly from our local Multiple Listing Service. If you would like me to set you up with a complimentary account just give me a call. I am easily reached at 561 308-0175 or via e-mail at tom@tompriester.com. After just one call you will understand what "Results Driven Real Estate" is all about.

At Your Service,

Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty of Jupiter
561 308-0175
tom@tompriester.com
Web Reference:  http://www.tompriester.com
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Dan Tabit, Agent, Issaquah, WA
Sun Jan 3, 2010
Musachio,
Step one; meet with a qualified Loan Officer, either at your bank or through a broker. Tell them you want to get pre-qualified or create a plan so that it can happen soon. A good lender can give you legitimate tips on improving your credit score, which would either get you approved, or improve your rate. I am a lender as well as a Realtor and I have done this for several clients. I don't do FHA, so I can't speak specifically to their guidlines.
Your job time is good; the income is fine, so if you are not approved, it will be due to your score. Some tips for improving your score would be to keep lines open, but keep balances low. You have to use credit to build it. If you don't have any credit cards right now, apply for one at your bank or credit union. Ask for a collateralized card if you are declined. This means your limit would be capped by money you currently have on deposit there. Use the card, but pay it off monthly.
Beware of credit improvement schemes that charge you any money. I am not aware of any legitimate ones and you can do it yourself. The exception to this would be a rapid rescore through a licensed lender. You can do this, it takes some time, but less than you might think, and a little discipline.
I hope this helps.
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