I have a credit score of 530, 30k salaried job and 12k in savings. Can I get a home loan for 63k?

Asked by Fusion007, Griffith, IN Mon Oct 17, 2011

The home is a Fannie Mae, needs some touch ups but not to bad. The car repossession is a charge off I think. It keeps showing up on credit as late but I have a new car that has been paid on time for 8 months. The reason for not paying was I lost my job. I have been on this job for a year and have 12k in savings. Get I get a home loan for 63k?

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Mon Oct 17, 2011
I know of no traditional mortgage you could obtain with your current credit score. It sounds like you have a good handle on income and assets. You chould contact a lender and determine a plan for improving your credit score. It may not take as long as you think and you have some money available to take care of some issues if required. Do not start paying off old debt until you speak with a mortgage professional. What seems to make common sense could actually harm your credit score.

You could of course obtain owner financing or do a lease/purchase but often these are not on the most favorable terms to you. It helps when you have options and with your current score, they are limited.
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Molly Mosley…, Agent, Columbus, OH
Mon Oct 17, 2011
You need to work on your credit and then focus on buying a home. Some of my past clients have used Lexington Law and had a great success! In fact my last client had a 570 and within 5 months had a 670.
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James Deskins, Agent, Worthington, OH
Mon Oct 17, 2011
Fusion, you make enough income and you have a great down payment. The only thing hurting you is your credit score. But since you have a large down payment and your ratios are low you should be able to get a loan.
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