My credit is currently a 523, horrible I know. I've just satisfied a pretty decent chuck of my debt in full. how can I buy a home?

Asked by Janine Nicole, Lacey, NJ Thu May 1, 2014

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Simon Campbell’s answer
Simon Campbe…, Agent, Miami Beach, FL
Thu May 1, 2014
There are loan programs out there that may accept lower credit scores. One of these is FHA. FHA's website states: "Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, 'limited to 90 percent LTV'." (Reference:

Other options can include buying on a land contract, subject 2, rent to own or getting a co-signer. Meanwhile, save every penny you can to put down on a property. Large down payments can offset a poor credit rating to a degree.
0 votes
Susan Paerels, Mortgage Broker Or Lender, Manahawkin, NJ
Sun Jul 20, 2014
Hi Janine,

Thank you for your question. There are usually 3 credit (FICO) scores and as a lender we look at the mid FICO score.

I'm a local lender and I'd be happy to discuss further. Please contact me via cell or emaail

Susan Paerels

NMLS #340466

Sr. Loan Officer

Maverick Funding

Forked River Office

Cell - 201-208-5699

Email -
0 votes
Michelle Dou…, Agent, Willis, TX
Thu May 1, 2014
I have a lender that can review your profile and tell you exactly what to fix , they will help to get you in a home of your own quickly. Do you have down payment money? And what State and Area do you want to buy in ?
0 votes
I'm looking to buy in new jersey some where in the ocean county area. I will have about 6k to put down, not looking to spend more than 80k on my home
Flag Thu May 1, 2014
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