- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (15)
- Jennifer Marks, "RelocateWithJen"
- Contributions:100
Where in Nc are you trying to buy -- some areas offer USDA loan program-- Its a 100% and if you leave your cash in the bank it may compenstate for you low score -- talk with someone that is current on Federal loans like FHA or USDA -- not every lender is qualified to help. Be careful with Credit Counsling there are tons of scams out there -- Pull your own credit or talk to a lender about your report. -- You credit may have mistakes or may need to be updated
[content removed by moderator for being self promotional]
[content removed by moderator for being self promotional]
- Nathan Wolf, "natewolf"
- Contributions:1825
You likely will qualify for an FHA loan. Your down payment and price of home are well within their guidelines. .
- Brendon Stryhn, "bstryhn"
- Contributions:15
If you use a good credit counsler it won't make your credit worse. A good counsler will look at your situation and develop a plan to fix your credit. FYI, I am not talking about one of those national companies that "reduce debt". I am talking about someone local that your bank can recommend that will sit down with you and take the time to make it right.
- Nathan Wolf, "natewolf"
- Contributions:1825
Rates are the lowest they have been in YEARS!!! and FHA Loans are Federally Insured.
- Nathan Wolf, "natewolf"
- Contributions:1825
- Nathan Wolf, "natewolf"
- Contributions:1825
You will want to find a lender that offers FHA Loans. Most banks and credit unions offer these. An FHA loan is not credit score driven!!! If you're not late on your rent as you say, you will generally need two other types of on-time payments-- such as cell phone bill, power bill, etc. They will lend according to approximately 40-percent of your income, so the purchase price of $115k will depend on your income. Generally they require about 3-percent downpayment, so with $5k you should be fine. First thing you should do is to call a REALTOR. They can help you with all of the options, to find a lender who can help you get qualified, and to find a property in your budget.
- Brendon Stryhn, "bstryhn"
- Contributions:15
P.S., Don't buy a home now with high risk interest rates. Get your credit fixed in the next couple of months then finance with a good rate. You will be able to buy a much nicer home with a smaller payment. Good Luck.
- Brendon Stryhn, "bstryhn"
- Contributions:15
First off work with a credit counsler. 580 is not great, but is a score that wouldn't take you long to jump way up. There are credit card companies that will give new cards with really low limits and really high interest rates, but you get two or three high risk credit cards and you will see your credit jump from 580 to the mid 600's in less than a year. Just remember to make all of your payments on time and never charge more than 50% of your credit limit. For example, if you have a credit card with a $1000 limit, never have more than a $500 balance. When you are trying to rebuild your credit though you should carry a very small balance like 5-10% and make payments every month. They want you to use the card because that is how credit card companies make their money, they just don't want you to carry high balances.
- Ray & Audrey Santos, "Team Santos"
- Contributions:101
- Lenise123
- Contributions:4
Other than the old credit card issues I had some medical bills hit my credit earlier this year. I guess they're the main problem?
- Ray & Audrey Santos, "Team Santos"
- Contributions:101
Its difficult to answere your question with just that information. Contrary to what you hear on the news there are banks still lending and there are folks still buying.
- wetdawgs
- Contributions:26634
I would work on the following:
1. Save a 20% downpayment.
2. Investigate further why your credit score is so low. I suspect there is more going on than the credit card issues when you were 18.
1. Save a 20% downpayment.
2. Investigate further why your credit score is so low. I suspect there is more going on than the credit card issues when you were 18.
- THE HOME BANKER
- Contributions:14
Lenise - some lenders will go down as far as 540 manual underwrite (meaning there is a live person looking over your entire file and will include compensating factors). There are lenders that will also work with no credit score and use alternative credit.
- John King, "John_King"
- Contributions:425
So Lenise,
Something is causing that score to maintain at 580. A score in the low 6's is what I'm hearng these days for a good rate. But credit score and a down payment are not enough to answer this question.
I recommend finding a good buyer's agent in your area, and asking them who their loan officer is. Give this person a call and see what's going on. If they can not finance you, they should be able to put you on a credit improvement program. I never ecommend a program where you pay someone to pay your bills for you. That would be a ast in my opinion. A god loan officer should be able to help you out with the right steps.
I recommend the Dave Ramsey program, on debt reduction. That guy is really on to something.
Good luck!
Best regards,
John
Something is causing that score to maintain at 580. A score in the low 6's is what I'm hearng these days for a good rate. But credit score and a down payment are not enough to answer this question.
I recommend finding a good buyer's agent in your area, and asking them who their loan officer is. Give this person a call and see what's going on. If they can not finance you, they should be able to put you on a credit improvement program. I never ecommend a program where you pay someone to pay your bills for you. That would be a ast in my opinion. A god loan officer should be able to help you out with the right steps.
I recommend the Dave Ramsey program, on debt reduction. That guy is really on to something.
Good luck!
Best regards,
John
- NTETS, "Mr Caveat"
- Contributions:6436
right now banks are kindof desperate, my intuition is no, but you chances will go down once the banks sell off all their forclosures
Can I purchase a house around 115k range with 5k down? and a 580 score?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.