My credit scores are between 550 and 600, but I have 30% to put down on a home.

Asked by Intellione, Charlotte, NC Wed Feb 1, 2012

I have 5000 a month in income so can I get a loan? Not looking to buy anything over 100K

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Janet Nation,…, Agent, Baldwin, NY
Thu Feb 2, 2012
I would boast your credit score. Even if you find a lender, you're going to get the worst possible rate. Speak to a mortgage broker (they tend to have more patience that an loan officer from a commercial bank) and see what steps can be taken to improve your score; sometimes it's easier than you realize depending on your circumstances. Good luck.
1 vote
J, Agent, Greensboro, NC
Wed Jul 31, 2013
I absolutely agree that your first step should be to talk with a few lenders. Request that they run 2-3 loan-based scenarios through their software for you once they have your credit score and other financial information. In about 15-20 minutes you will know the results. Good luck to you.
0 votes
Jessica Bate…, Agent, Beverly Hills, CA
Wed Jul 31, 2013
Yoour score won't be bad at all a little higher than average but not much at all! Why wait when rates go up everyday?!? I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good luck to you!
0 votes
Fran Lucas, Both Buyer And Seller, Charlotte, NC
Tue Mar 12, 2013
you have options... call 803 741 4240, leave message
0 votes
Thomas Bohlm…, Agent, Rolesville, NC
Wed Feb 8, 2012

If your making $5K a month , paying off some bills would be a great idea to help boost your scores.

There are many great lenders who do have programs that can do loans with a 600 score*

* YES there are some reservations.

Good Luck
0 votes
, ,
Thu Feb 2, 2012
If you haven't selected anyone yet, please feel free to check my profile and give me a ring.
0 votes
Robin Faison, Agent, Huntersville, NC
Thu Feb 2, 2012

Good question! Starkey Mortgage can handle a loan with a credit of 578 when certain conditions are met. For instance, you need to be paying a regular rental check on time for at least 1 year. There were other stipulations to their lending. With your income and large down payment, one is inclined to think that you could get a mortgage on a house depending on the area. I would guess that the amount of short sales and foreclosures that were in the area that you were interested in purchasing may affect your loan as well. Truly, your question is best answered by a skilled lender. It is not just about buying the house; it is about maintaining and keeping the house as well.
Best of luck,
Robin Faison, broker
0 votes
Christina Ha…, Agent, Charlotte, NC
Wed Feb 1, 2012
Hello Home Buyer! 30% is a good amount to put down, so you are starting out the right way. We have a couple of in-house lenders in our Keller Williams office in Ballantyne Area that would love to assist you. Please contact me at your convenience. Keller Williams has won the JD Powers & Associates Award 2 years running as being the BEST real estate firm in both the US & Canada. Our firm is rated #1 in 2010 & 2011 in ALL of NC & SC amount all the Keller Williams offices, so I am very confident that we can help you find your perfect home! Please call me I look forward to working with you.

Christina Hansen
0 votes
belinda agos…, Agent, Charlotte, NC
Wed Feb 1, 2012
Hello, with 30% down, there are lenders that will be happy to consider you! But not all lenders are created equal. I was able to "save" a transaction this past week because a very popular mortgage broker denied a buyer a loan! I was able to refer him to another lender that saved the deal and we closed last Friday! I'd love to refer you to same lender that has been saving deals or qualifying buyer when the others said NO!

There are also other programs that are not credit score driven, require zero/little money down and the seller may pay for closing costs.

I won't know what you qualify for until you contact me. So please do! :)

Warm Regards,
Belinda Agosto
Hines & Associates Realty
0 votes
Erica Wilson…, Agent, Huntersville, NC
Wed Feb 1, 2012
You should talk to New America Mortgage! Geoff W. Brown Cell 704.728.6286
0 votes
Daniel Fisher, Agent, Charlotte, NC
Wed Feb 1, 2012
Good afternoon, Intellione:
If you meet the criterion in the Trulia Blog link below, you should be able to qualify for a loan. Our clients with 580+ middle credit scores are getting FHA approved loans at 3.5% down payment . Below that, a 10% down payment is usually required. With your income, you should be able to easily purchase your $100k home Here are some examples of high value homes within about 15 miles of uptown Charlotte If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
0 votes
Steve Cassel…, Agent, Charlotte, NC
Wed Feb 1, 2012
Hey Intellione,

I recommend a local mortgage banking company for folks that are unsure about the qualifications for a loan. The benefit of a Mortgage Bank is more flexibility in the underwriting process of your loan, were they tend to consider more variables other than just your credit score in determining loan qualifications. Please feel free to contact me to discuss your needs, and what may fit you best in your home buying search!

Best of Luck!

(704) 773-4345
0 votes
dave, Agent, Charlotte, NC
Wed Feb 1, 2012
I have gotten a few of these type of credit loans closed with my mortgage broker in the past without any issues...My recommendation is to give him a call. His name is Chris Ayer 704-771-3954
Web Reference:
0 votes
Rose Cramer, Agent, Denver, NC
Wed Feb 1, 2012
Having over 30% down is great in this market. Your credit score sounds like a lender should be able to assist. You should really get your self preapproved so you know what you can and cant do. No use getting excited over a home and then find out you can not move forward. I assist first time home buyers as well as repeat buyers. I have dealings with a number of good hard working lenders. Give me a call on my mobile at 704-607-7514 so that i can assist you in this process. Visit our website at Look forward to hearing from you.
0 votes
Beau Ferguson, Agent, Charlotte, NC
Wed Feb 1, 2012
call me.........I'll put you in touch with a couple of lenders that may be able to get it done. 704-661-2678
0 votes
Mark Hatcher, Agent, Charlotte, NC
Wed Feb 1, 2012
I have a few lenders that I work with. There is always a plan to fit every buyer. Contact me for a list.
0 votes
Frank Coxx, Agent, Indian Trail, NC
Wed Feb 1, 2012
I may have a couple of lenders who can get it done. 980-307-5558 ask for Frank
0 votes
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