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I have $40000 for down payment and can not obtain home loan

I make $54,000 year and employed for past 4 years.  I owe 3,000 on car loan 2,000 on credit card. My scores are between 620 -640. I have been paying off my old medical debts which is below $1000. My lasts scores are 625-640. Any suggestions.
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April 15 2013 - Savannah
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Answers (3)

Speak with a local Mortgage Broker. They will be able to put you on track to purchase a new home! Most will offer credit repair programs for free if that is your issue. 620 is the minimum credit score to obtain certain types of loans so you should be able to qualify- but if your debt to income ratio is off, keep working towards your bills. You'll be ready to purchase before you know it! Feel free to contact me if you'd like some recommendations for the area. 
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June 06 2013
I suggest that you meet with at least two mortgage brokers and seek their advice toward your goal of purchasing a property. 
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April 15 2013
You seem to be doing the right things....rebuilding ones credit can take time, considerably more time than it took to "trash" it. At this point unless you have overlooked something, continue doing what you are doing and try to be patient.....

Additionally, many people in your situation are finding success by seeking creative means for purchasing property...lease backs and owner financing are the two most popular. With your significant cash deposit you should be able to get the seller's attention.

Good luck,

Bill
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April 15 2013
 
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