Profile picture for gmbythump

Getting financing with bad credit.

My husband and I have been working on our credit for over a year. We have managed to pay off all our bad credit, we have a credit card that we pay regulary and I'm up to date on my student loans. Our credit scores that we were recently told were 642 and 635. Other than our rent and student loans, we have no other debt. One of the local banks told us that unless we are at a 660, we can't get financed. We also have $15K for a down payment. Just wondering who we should contact to be able to possibly be financed for a home.
  • January 09 2014 - Amarillo
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Answers (4)

Profile picture for gmbythump
Thank you to everyone that responded. We got the approval 3 weeks ago and just finished signing a contract on our new house.
  • January 25 2014
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I'm not a lender, but believe you both would be able to qualify for a home loan in Arizona based on the information you provided. I would suggest contacting another lender, possibly a home loan or mortgage company, and ask them what qualifications applicants need to meet to be approved for financing. Good Luck!
  • January 10 2014
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Those credit scores are certainly acceptable for most loans! The lowest that lenders like myself are able to do is around 580-620, depending on the type of loan. 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. 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!
  • January 10 2014
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Profile picture for USMortgageRanger
Hello,

Thanks for the post. I am disappointed your local bank will not do mortgage below 660 scores. Not only can i help you get a Mortgage with scores down to 620, to help you but we also have the technology to help you to qualify with the healthiest  credit file possible, and yes not only do we offer these mortgage we also service these loans. You can contact me via my profile via Email or Phone so we can start the process. 
  • January 09 2014
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