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First TIme Home Buyer in Arkansas (need information ASAP)

I am a first time home buyer and have found a house that my wife and I would like to pursue. Currently my credit scores are 619, 618, and 611. I had talked to Quicken Loans and they had told me that I was really close but I needed to bring up my score just a couple points to be able to do anything. We would like to move on this ASAP so I would appreciate any help or information that you may give me. Is it even possible and what I would need to do. They did tell me that because the house isnt in city limits that I would qualify for some special rural loan which would make my down payment much smaller and in some cases 0. Could someone please let me know what my options are.
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January 12 - Hot Springs
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Answers (2)

I'm a Mortgage Lender out of Little Rock.  I work with a lot of Borrowers in this FICO Score range.  We do a tremendous amount of USDA Rural Development financing out of our office and would love to help. I've got some time today, if you'd like to call. My # is 501-296-9037.  Many of my clients that utilize the Rural Development product are successful at getting into the home with little or nothing out of pocket.  -Jason Hornsby
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January 13
Those credit scores are certainly acceptable for most loans! The lowest that lenders like myself are able to do is around 580. Since you are above that range you will have a good chance at obtaining a loan and you will have several different options available to you. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. Also, the rural loan that they are discussing is a USDA loan. These types of loans have a zero down payment option, so you should consider that. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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January 13
 
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