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Answers (14)
- Dan Howitt, "Westmoore Group"
- Contributions:7
There aren't a lot of options, but there are some companies that will make a loan to borrowers with bad credit if they have stable earnings and a 20%+ down payment. Check out [Website removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
- Dana Curtis, "The Mortgage Medic"
- Contributions:1
Currently, I do not know of any Lender's that will go that low. I do know of a program that will allow you to purchase with a 580 credit score, but you will need 10% and compensating factors
- PattiKagan
- Contributions:1
thank you for this website,I was ready to slit my wrist.I want a home loan with bad credit score.Have good job history,but now retired.Selling my home and will put down 10%.I can prove good payment history on house loan for 15yrs.But property own by father through Well Fargo.Looking to purchase home in Putnam County Florida
- Dave Prewitt, "Dave Prewitt"
- Contributions:5
I agree, shop around with several mortage brokers or bankers. You may need to put 30-40% down with your credit score.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
It blows me away when people say you can get financed with a 500. Hubby makes about $70,000, we have NO bills, and he has 15 years at the same company and 17 in the same job. We own our vehicles, and 50 acres. We also have at least 20% down. But everyone says we need 620 to get a house.????
Are people having to pay higher interest rates? An arm and a leg...firstborn? Or am I just not holding my mouth right?
Are people having to pay higher interest rates? An arm and a leg...firstborn? Or am I just not holding my mouth right?
- Jonathon Villaescusa, "Jonathon Villaescusa"
- Contributions:1
To Answer your question you can buy a home FHA with a FICO score as low as 500 but you will have to put a larger down payment from standard 3.5% to 10% down.
If you are serious about buying a home give me call [phone number deleted by Zillow moderator] so we can get started on the process.
I feel confident with just what your stating if everything is true you can be a homeowner in the next 30 days!
Jonathon Villaescusa
Realtor/Owner
Excellence Real Estate
[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy]
If you are serious about buying a home give me call [phone number deleted by Zillow moderator] so we can get started on the process.
I feel confident with just what your stating if everything is true you can be a homeowner in the next 30 days!
Jonathon Villaescusa
Realtor/Owner
Excellence Real Estate
[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy]
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
Ditto what Sunnyview said. I had a mortgage broker tell me to pay off some collections. I will now probably have to wait a year to buy thanks to his advice. If I had negotiated to pay them for a deletion (totally legal) they would have gotten their money and I would be decorating my new house. Go to www.myfico.com and READ...then start working on your credit.
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
use some of the downpayment money to improve your credit by negotiating outstanding balances and settling some collection accounts. within a few months you credit score will improve, resulting in more borrowing capability and a lower interest rate
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
Not a debt card, a secured credit card. But yes, using a secured credit card (a couple at least) will bring your scores up within a shorter time than you might think. I got one from Bank of Oklahoma and Orchard, but you can google it and find some. Just be careful, some of them cost a fortune in fees. I would always try to keep my monthly utilization under 10% or only have a charge left of $100 on a $1000 dollar account. You might also try to borrow against a CD, because it helps to have different KINDS of credit going. Good luck, again, I am getting tons of help at myfico.com.
- Howard Team
- Contributions:19
Use #3000 to apply a debt card, borrow $2000 from that account and apply for another debt card. Repeat this for another debt account. Each month, pay it back. Several months later, your score shall be up. If you can get a real credit card, spend and pay it on time at least minimum amount. do not pay it off, leave $10 as balance each month and your score will get higher later. Talk to your loan professional for the score you need to get a loan for your house purchase.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
Dealing with virtually the exact situation ourselves. We talked to some of the local banks that do their own underwriting(ask around locally) and they were willing to consider doing a smaller mortgage, but encouraged us to work on our credit a few months so that we could get the home of our dreams. Anyway, I have been reading at www.myfico.com and have gotten some goodwill from some of our old creditors and had some things removed from our credit. And since (like you) we have money, we did some secured credit cards and a substancial loan secured with a a CD (I bought myself a little crossover that is great on gas, lol). Anyway with some of the "baddies" gone from our credit and payments being made on our new credit cards and loan, we are just waiting to see how much our credit improves so we aren't begging for money, instead we hope to be choosing between great mortgages! I just think if you have money, you should TRY and work on your credit, it is easier than you might think. Please consider going and reading on Myfico and finding out how to go about it.
- Jim Stevenson, "therealtorguy"
- Contributions:1111
Hi Nick,
You might also want to consider a land contract purchase. Some sellers will offer a land contract with a 30 year amortization with a 5 year balloon payment. Payments would be structured and similar to that of a 30 year mortgage. This would give you 5 years to improve your credit score and obtain a conventional mortgage.
You might also want to consider a land contract purchase. Some sellers will offer a land contract with a 30 year amortization with a 5 year balloon payment. Payments would be structured and similar to that of a 30 year mortgage. This would give you 5 years to improve your credit score and obtain a conventional mortgage.
- Ashley York, "ashleyyork"
- Contributions:17
Money down, good job history & bad credit
Thanks,
Nick
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