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550 score,want to buy $60k house

We have rented this house for two years. we have no debt. we make $72k a year. we have been paying off debt.It is in a USDA rural development area. It is owned by my inlaws. It is worth more than $60k that is what they will sell it for to us. How can I get this loan? I don't have the cash on hand for down payment.
  • August 20 2013 - Bristol
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Answers (2)

You need to talk to a lender.  You may qualify.  There are programs out there that could work.
  • August 20 2013
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Your credit score is a bit low so you may want to work on that because it will only be to your future benefit. The most effective way to fixing your credit score is to pay your revolving credit card balance and debt. If there is a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score.

As far as loans go, you should consider a USDA loan for your situation. A USDA loan does not require a down payment which should help you out.

Well I hope this helps! If you found this comment helpful, please feel free to leave me a review on my profile page.

Good Luck!
  • August 20 2013
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