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I have a credit score of 589 and would like to purchase a home is this possible?

I have never been late on a mortgage loan or anything else until this last year I got into a family issue which made me late on payments.  I have since paid all debt off in full or paid settlements in full and currently have no debt, have moved in with family members however would really like to have my own home again. Is this possible? I do not want a mortgage over $100,000.  and have about $20 to $25,000 as a down payment as well.  HELP please :)
  • July 03 2013 - Durant
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Answers (4)

A good loan officer should be able to assist you with your credit score.  It will likely be easy to increase.  A "corner" bank will often just approve or deny your loan and move on.  A good loan officer at a mortgage broker office (not a bank) will work with you and stay in touch until your credit score has increased.

  • July 03 2013
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Profile picture for Remaxjenn
Get in touch with a good loan officer who can prepare you best for buying a home. It looks like you are taking all the right steps and are almost there. The guidance of a loan officer can actually speed up the process. Good luck!
  • July 03 2013
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Profile picture for RealEstateCrew
With that much down payment, visit your local bank and they should be willing to provide a loan. 
  • July 03 2013
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Profile picture for Tyler Tapley
You need to talk to a loan officer and tell them your situation.  I think typically you need a score over 620, but there are several different credit agencies so it may be possible.  The loan officer also can probably tell you about some credit counseling seminars you can take.  There are government programs available where you can literally by homes with $100 down.  Stay determined and find a young, hungry loan officer that will answer your questions and not put you on the back burner.  You will be back on your feet in no time.
  • July 03 2013
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