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Mortgage with bad credit but big down payment?

I have bad credit but sufficient income and able to put down 20%.  My scores are 511, 579 and 582.  Is there any hope?
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June 02 - San Antonio
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Answers (8)

Our company has a scenario system that allows us to run your credit report through and it provide a detailed report indicating suggestions on what you can do with each trade line to reach your target credit score. A lot of this comes down to what exactly you have on there thats holding it down but if there's a way it will tell us. Sometimes it could be as easy as paying one credit card down to a certain balance, but again it depends on what the issues are. There are also an few very reliable credit repair services in San Antonio that can help with this as well. With just being 1 point away from the minimum required score it shouldn't be that difficult to get this done. If you'd like to touch base with me to discuss this further my contact info is on my Zillow. Best of luck! 
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June 18
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June 14
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I am currently working on my credit but would love to qualify sooner rather than later and refinance when I'm at a better number.  Does anyone in MA go as low as a middle score of 580?
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June 04
Luckily, the lowest credit scores lenders like myself are able to do is a middle score of 580. If your middle scores are above 580, then you should have a chance, so you are almost there. Also there are other financial factors that would need to be analyzed including your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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June 04
You would be surprised how quickly you can raise your scores to 620 and higher - but this depends on the amount of negative accounts, late payments within the last 24 months, collections vs. judgments, available revolving credit, and more. If you would like an assessment, I am happy to help. 

There are a handful of Portfolio, non traditional, or even private money lenders around the country, but you will pay substantially more in rate and fees. It will take some time & energy to get your scores up, but you are honestly not that far away. 

Hope that helps,
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June 03
What you need to do before seriously trying to get a loan is some credit repair. You can get a loan now but it would not be a good loan and would have a terrible interest rate, resulting in a large monthly payment. A rapid re score is not going to raise your score enough to get a good conventional loan. You should contact a reputable local lender and have them put you in contact a with a credit repair specialist that can help you bring your score up to the needed level
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June 03
With those scores you can get a FHA home loan. But i would recommend the possibility of a Rapid re-score to raise the score to conforming levels within a week time and eliminate the possibility of PMI thereby saying you thousands of $ over the life of the mortgage. I can be reach via my profile for no obligation consultation. 
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June 02
There is always hope :). [Promotion removed by Zillow moderator] has been very helpful in making loan magic happen for my clients with credit issues.

Her office number is below:
[Contact information removed by Zillow moderator]

Best of luck!!!

Chelsea Phillips
[Spam/Contact information removed by Zillow moderator, see our Good Neighbor Policy]
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June 02
 
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