My question to you is who pulled your credit and how did you arrive at a 530 credit score? Lenders do a tri-merge credit check, your middle score is used to approve you for a home mortgage. My best advice is to contact a lender who can take a mortgage loan application, and provide you with a true credit score. Once you have your true credit score you may qualify for an FHA loan, the credit criteria is changing and you may be surprised that you qualify. If you don't qualify today a good loan officer will give you advise on what you need to do to raise your credit score and help you develop a plan to get you credit worthy to purchase a new home.
I personally have worked with many buyers who have had financial struggles and were sure they would never be able to purchase a home. Many of them are now in their new home and with a loan they can afford. There are many options, but you need to find a well educated Realtor who understands the financial ins and outs, and not someone who pushes you on to someone else who may take advantage of your lack of mortgage understanding. If you would like to schedule a buyer counseling session, please feel free to contact me. There is never a charge and you can feel secure in knowing it is a private and confidential meeting. 513-290-4026
Christie Peyton, Realtor
Comey & Shepherd Realtors, City Office