I agree than you could probably get a loan, but why such a low score. It may be better to work with someone to boost your score over the next few months. The lower your score the higher the likely interest rate will be.
Best of luck,
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
FHA is less score driven than other loans. The benefit of FHA is that plus a low down payment, 3.5% and the options for a couple different rehab loans. With your income, I would consider taking a little bit of time to address some credit issues so you get a better rate and more options available.
I would suggest you meet with a local full service mortgage broker who can discuss your plans and goals with and prescribe the right loan. Best of luck.
There are many reasons why scores drop, and there are often ways to increase the scores quickly if certain steps are taken and I would be happy to help you with that. Please feel free to contact me. The cost is less than $20, so it is a wise investment. There also might be a lot of mistakes on your report, which is not unusual, and that could be part of the problem as well. It is well worth your time to do some investigating into your credit before you start looking for a home.
Good luck in your home search!
We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
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It depends but the best way to find out is to discuss your personal financial situation with a lender. Below is one that you can contact:
Stephen Barber 415-694-5550 firstname.lastname@example.org
May Montana 415-694-5513 email@example.com
I'd be happy to put you in touch with seveal San Francisco mortgage people that you could talk to at no charge. feel free to drop me a line.
Rich Bennett, Realtor
Zephyr Real Estate
Some of the criteria can be found here: