i have a low score of 485,512,555 and my husband 515,534,545 can we still finance a home

Asked by Marie, Claxton, GA Sat Apr 12, 2008

and what are the limitations and what is the percent we would have to put down

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Constance Pa…, Home Buyer, Reidsville, GA
Thu Jul 31, 2014
when I got married to my husband is credit was like 440 in a years time I got it up to 700 u can do it .. this is what I did , I applied for capitol one credit card with 300.00 limit after two months I applied for premier cc with a 300.00 limit then I found a furniture store that reported to all 3 credit agency's and bought a washer and dryer and paid them on time every month! then I looked at his credit report and started to pay off all the small bill off first that was on there and saved for the big ones and before I paid the big one off they had been there so long I had him call and ask if they would take a settlement and they did ! so I paid 1/2 of what he owed and I was reported as paid went to local bank after and asked for a small loan of 200.00 they granted paid that back and borrowed 500.00 and paid that back (now this is an option but not necessary) because 3 lines of credit is enough 2 credit cards and a furniture loan was good enough ! to start the path to rebuilding your credit .... hope my experience helps.. and credit karma is a great tool to use and it is totally free I still use it today( no sales pitch intended) to keep up with score and changes in my report . now even American express is asking him to apply woooooow, and capitol one without me asking raised his limit by 450.00 so now the limit is 750.00... but when I use those cc I make sure that I have the money to cover that charge as soon as it posts so I get no interest charges as well .. but it is best not to go over 30% of that cc limit Mrs Patterson of Ga.
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I read one post and decided to post this as well... in some areas in Claxton to qualify for a UDSA loan that is 1% interest repayment your credit score must be at least 580 and have a good repayment record for a year and have an income that meets there standards for low income and look on there web site if u find a house all u have to do is enter the address and it will tell u if it qualifies .. hope this helps also... trying to help fellow georgians
Flag Thu Jul 31, 2014
oh yea before I paid off the big one I called first to see if they would settle and they did .. sorry if that part I didn't explain better... try it
mrs Patterson of Ga.
Flag Thu Jul 31, 2014
CoCo, Home Buyer, 30022
Sat Apr 12, 2008
I can tell you from personal experience it does not take long to get your score up. You just have to focus and make little sacrfices but it is well worth it. I am on way to homeownership with less worries.
Once your credit score is higher you can qualify for an FHA loan.
If your looking to purchase in Georgia you can receive downpayment assistance from the Georgia Dream Program and link it with Cobb County Housing Inc. this is 14,000 or more downpayment assistance.
Please view the website as they have various qualifications.
http://www.dcaloans.com ( Georgia Dream ...Clark Howard's site)
http://www.cobbhousinginc.org/ (if your purchasing in cobb county you link the 2 programs)
http://www.atlantaada.com (if you wish to purchase in the city of Atlanta up to 14% grants)
If you not in Georgia, contact your Community Affairs Department in your City and ask about progams for first time homebuyers.

Hope this helps.
Web Reference:  http://www.dcaloans.com
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Diane Menard, Agent, Marietta, GA
Sat Apr 12, 2008

Most lenders will require a minimum of 580 for FHA and higher for conventional, but the best thing you can do is try to get these scores higher by paying bills every month on time, and then trying to get rid of your debt.

Do you understand why your scores went this low, because I think you need to know and understand what went wrong in the first place.

As far as percentages goes, there are very few 100% programs left. FHA is 97% and you need to put 3% down or do a down payment assistance program to help with this 3%.

You can check one program called NACA, they do have a 100% program and they do character based lending. It still may take you 6 months or more to get approved for a loan. http://www.naca.com

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Sandy Shores, Agent, Melbourne, FL
Sat Apr 12, 2008
You may want to check the following website http://www.myfico.com/. It may shed some more light on your question.
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James Dudley, Agent, Suwanee, GA
Sat Apr 12, 2008

There is a chance you may be able to get a loan, but you may have to suffer through a higher intrest rate for a year or two.

As far as what you will need to put down 3% is the least amount I've seen. With a lower credit score it will help if you have more to put down.

I know some great lenders that could review your situation and even help with ways to get your credit score up if you are not able to obtain a loan at this time.

You can go to http://www.askjimharvey.com E-mail him and ask him about your situation. Tell him James sent you!
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