With credit score not so good ,580 or so

Asked by Frank Nowlin, Sat Jun 13, 2009

With credit score not so good ,580 or so is there a chace that I would be able to get in one of these low priced homes. I am currently working on getting my score better.

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Dennis Swartz’s answer
Dennis Swartz, Other Pro, Columbus, OH
Sat Jun 27, 2009
What I would suggest is that you find a lease/option property for a year and build your credit score up. There should be several lease/options in Driving Park and slightly further east that you could find. I think with your score so low you really need another year of bringing it up before you try for a loan, but you can lock in a price now with a good lease/option house.
0 votes
Susanne Novak, Agent, Dubliin, OH
Wed Jun 24, 2009
Hi Frank, I am working with many fist time buyers and I have lenders in my network who will underwrite an FHA loan with a 580 score. The price of the home is not determined by your score, but your income to debt ratio. Contact me for more information, if you like!
0 votes
Lindsey M. B…, , Ohio
Mon Jun 15, 2009
Hi Frank,

Due to current market conditions most lenders are requiring a 620 middle credit score or higher to qualify. You can apply and submit your application at a 580, however it is very rare to be approved. Would you like me to pull your credit and create a timeline on when you can buy and how I can guide you on necessary improvements to help you buy a new home?

Let me know - Good Luck,

Lindsey Bishop
Sr. Mortgage Consultant

P: 216-236-7270
F: 216-236-7271
E: lbishop@crefco.com
0 votes
John Wirsing, Agent, Pepper Pike, OH
Sat Jun 13, 2009
Hi Frank-
In Ohio, we have the OHFA program that could work.
I could send you some contact info non that if you wou;d mlike.
e-mail me at jwirsing@kw.com
John Wirsing
0 votes
Dana Schuster, Agent, Slidell, LA
Sat Jun 13, 2009
In this market,you really need a 620 minimum score. Owner financing might be an option for you.
0 votes
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