Profile picture for Jermaine Johnson

My credit score is 585, I have paid off some debts and I'm trying to find financing. Need help.

  • March 11 2010 - Olive Branch
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Answers (9)

Best Answer

There are a  number of programs available.  I have had good results working with a local mortgage broker as Ron suggests because they have access to a number of lenders and if a program exists to help you they can find it.

  • March 11 2010
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Normally lenders want a 620 credit score. You're 35 points away. You're close. A 620 is within reach.

I suggest personally visiting a mortgage company. Have them pull a credit report. Ask for their advice on how you can improve your credit score fast. It might be reducing the amount of debt on a specific account - rather than just paying one off completely (which might actually hurt your score). They might have other advice based on your income to debt ratio.

Personally visit with a reputable mortgage lender is the best advice. They will map out a plan based on solid fact. It's up to you to execute it. Good luck. 

  • May 21 2010
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I have both conventional and FHA options available for a 585 fico, There is no guarantee of approval as the entire credit report will have to be analyzed and we would also need to see some compensating factors such as strong income/assets, work history, ltv, etc. Contact me to discuss so I can determine if you are eligible or not.
  • May 19 2010
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I own a company that assist people just like you in buying a home without any bank qualifications. We assist home buyers by allowing them to purchase their home in a land trust that we have created using real estate specialized attorneys. We qualify buyers based on their employment history, and not so much on their credit scores. I have a colleague that specializes in credit repair, so once you've bought your home, I'll refer you to him so that you can continue to rebuild your credit score. I work with motivated sellers that are willing to leave their financing in place for up to 18 months while you get your score back up. Once you qualify for a mortgage, then you get your own bank loan. The best part is, you still get the deed and all home ownership benefits as soon as you move in. If you have anymore questions, you can email me at [contact info removed by moderator] for more info.
  • May 19 2010
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I know of only one lender that will take a 580 score. Most want a higher score. A Rural housing loan is a possibility as well, but you have to want a home in those areas covered in a rural loan. USDA has a map that shows the areas covered for the loan. The areas are not as far out as you may think.
  • May 09 2010
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You will want to increase your score to 620. This may be possible through a Rapid Rescore system provided by some credit agencies.
USDA is most forgiving like Ofe stated but you will pay a higher rate with your current score. I'd have someone knowledgable review your credit and see what needs to be done to increase your scores and work toward that goal. You should be able to increase your score quickly with the right help.

Good Luck

  • March 11 2010
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Profile picture for Ofe Polack
You may want to contact a buyer agent and discuss your options.  The most forgiving of all programs is USDA/Rural Development.  Your buyer agent may discuss with you what areas in Mississippi are eligible in the program and whether you can qualify to participate in it.  Good luck!
  • March 11 2010
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Try to get it to 620. Did you work on the debts after you got your score? Google opt out prescreen and opt yourself out of recieving junk mail for 5 years and this will help also. Do you have any collection accounts? Pay those off too if you do. Now, going FHA will  allow for blemishes with a 620 score if you have good reasons like loss of job, illness, natural disaster....
  • March 11 2010
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Credit score is still a bit low but there could be financing for you but you may pay a higher rate. Best bet is tom call a mortgage broker for help. Good luck
  • March 11 2010
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