The fact is you CAN still get a 100% RD Mortgage or an FHA loan with a 580 or greater credit score. The problem is that there are lazy mortgage loan officers who will not put in the extra work necessary to get these mortgages underwritten.
As a professional Realtor, I work with some of the most aggressive lenders in the industry who WILL do the work necessary to get my home buyer clients "with less than perfect credit" approved and funded! Go to my website http://www.smartmove225.com
and click on the FIND A MORTGAGE button to complete a FREE pre-qual form. My lender will contact you directly.
BUT... HERE'S A TIP:
"DO NOT TRY TO FIX YOUR OWN CREDIT SCORE BY PAYING OFF OLD COLLECTIONS OR MEDICAL BILLS! Doing this will only plummet your credit score! My lender will fix these issues without affecting your score.
ALSO, CREDIT SCORE IS NOT THE ONLY CRITERIA WHICH MAY CAUSE DISQUALIFICATION.
You will need:
*12 months of verifiable rental history
*12 months or more of verifiable income history
*NO delinquent child support
*2 years out from bankruptcy discharge
*3 years out from foreclosure discharge
There may also be other underwriting criteria which may affect your approval.
If you have more questions, feel free to call me directly.
Smart Move Real Estate