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Is there a way to find a mortgage with a 519 credit score?

I have been trying to help my girlfriend in finding a home within the 45-70k range. We had found a few, but as I helped her apply for a conventional loan, I found out her credit score unfortunately is a 519...

Are there any lenders that would lend that amount even if it were just an FHA?

Her credit took a hit when we had our first child. She went on disability leave at 8 months and during her three month time off, her work had dropped her health insurance for a month and in that month she had to take a trip to the hospital due to post-pregnancy issues. I had told her to make a few calls and see if there were a way to resolve the issue and possibly help her credit. She has rented apartments steady for years now and would rather not sign another one year lease.

Thanks!
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November 10 2013 - Pittsburgh
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Answers (6)

Sometimes you just have to be reasonable, and look towards credit counseling, and there a lot of good companies out there. just get on google in your local area. Some are non profits and may not charge anything,,,
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November 11 2013
Unfortunately, that credit score can be hard for most lender to deal with. The lowest lenders like myself can go is to a credit score of 580. Since those credit scores are below that I recommend that she work on her credit score for a bit. The simplest way to fix your credit is to pay off your debt and revolving credit balance on time. I hope this helps and good luck!
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November 11 2013
We would have greater success getting her credit scores above 640 than finding a Lender that could do this loan at 580 below.  If you need some assistance please contact me.
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November 11 2013
I am not aware of any lenders that would entertain a 519 score. You need to work with a credit companythat can help navigate the credit issues that are driving that score. We have seen many clients that are able to improve their scores enough to qualify-depending on the circumstances.
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November 11 2013
In respect to obtaining a mortgage with a fico score of 519, many lenders are currently not offering mortgage loans with that credit score. My best advise is to contact a reputable credit repair company that offers credit repair in a timely fashion. Most of the credit companies take a long time for results to show, so the best bet is to find a company that performs these tasks in 90 days or less.
   Upon the credit being rescored, then a mortgage application can be placed with a lending institution for mortgage processing, as your credit should be sufficient at that time. If you are looking for a reputable company, I can provide you with a few people that you could shop around with. Thanks for listening and wish you the best of luck!!
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November 11 2013

Unfortunately a 519 score is not acceptable to mortgage lenders these days.  My best advice would be for her to work to improve her score which will likely take at least 12 months or more of timely payments to begin to heal her score to a level allowing her to be considered. 

Here in Michigan we have found homes for buyers by Sellers willing to sell their home on a land contract, or perhaps Lease with the option to buy.  This can be a great opportunity to let a buyer with credit challenges buy a home even when they can't get traditional financing.  Even then, a Seller is typically going to expect at least 15 to 20% down (to pay their commissions and costs and get "skin in the game from the buyer") and usually expect a credit score to be at least 600 or more in my experience.   The lower the score the more of a down payment the seller would expect, and the higher the interest rate they would also charge.  (Here in Michigan a land contract can charge up to 11%)  Hope that helps.

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November 11 2013
 
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