Home Buying in Rome>Question Details

Tiffany_sutt…, Home Buyer in ,

who will lend to someone with a 530 middle credit score?

Asked by Tiffany_sutton, , Tue Mar 6, 2012

I need help! I am looking for a mortgage lender who will grant a mortgage with a low credit score. My scores are 632/535/505. There are some discrepencies on my report that I have been disbuting but have yet to rectify. I have spoken to credit repair agencies and have yet to find one that seems credible. I have an auto loan and personal loan that have never been late since opened in Jan '11. My landlord has decided not to continue renting coming the end of June due to the college graduation on his daughter (he is giving her the house). I have substantial income and the home I would like to purchase is far below my allowable range. My debt to income is also very low. The primary reason for the low scores is due to my exwife filing bankrupcy before a divorce was final. If anyone can help it would be greatly appreciated!


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Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and your scores will bo up.
0 votes Thank Flag Link Wed Mar 7, 2012
I’m not aware of anyone other than hard money lenders when you have a large down payment. Credit repair is a good step, but you are wise to be careful. Most of the legitimate steps you can do yourself, but it will take some time.
Where your situation is driven by an ex-wife’s BK, it may make sense to talk to an attorney who handles credit repair and see if they can provide some hope.
Apart from that, pay down any revolving balances to 1/3 or less of the credit limits. Dispute any inaccurate data to each agency that reports it, but especially your middle and upper score reporters. Pay everything on time, don't close any accounts or pay on any old collections until instructed to.
If you have a lender in mind, ask them for more advice on credit repair or a referral to a legitimate credit repair company. Best of luck.
0 votes Thank Flag Link Tue Mar 6, 2012
I would talk to a local lender and ask them to check out your credit report to see exactly what discrepencies can be removed. Qualifying for a mortgage with a 530 credit score will probably be very difficult.
0 votes Thank Flag Link Tue Mar 6, 2012
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