Profile picture for mareandfoal

Who can I talk to in Main about getting an FHA loan?

I have a low credit score, 560ish last time I checked) but 10% for a down payment. I'm trying to get a house cause I'm sick of living in places and having them sold from underneath me! (this is the third time this has happened) I'm also sick of paying 1200 to someone else for something I don't own in any way shape or form. Is there any way I can get a loan or talk to someone about it. Research I have done suggested that people with lower credit scores can get an FHA loan with 10% down.
  • January 06 2014 - Portland
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Answers (6)

The lowest allowable score I am aware of is 580. Most lenders have the ability to repaid rescore a client to quickly improve the middle credit score. However, you should first  discuss with your lender to be certain that you qualify in all other aspects before you work on a rapid rescore.
  • April 03 2014
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Profile picture for Shawn Losier
Hi,
My buyer clients have had great luck with Casey Hamlin,

PMAC LENDING SERVICES- 207.321.5350

  • April 03 2014
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I would be happy to help you rebuild your credit.  I am well versed in credit counseling and [Promotion and email removed by Zillow moderator. Please see our Good Neighbor Policy for guidelines.]
  • January 13 2014
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Your credit scores may still be a little too low for most lenders to deal with. The lowest most lenders are able to do for an FHA loan are scores of 580. So if you get your scores above 580 you will be sitting in a much better position. The simplest ways to fix your credit score is to pay off your debt and revolving credit balance on time. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation or to get advice on what to do next. There are lenders like myself that would be glad to speak with you. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 06 2014
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You are right, your credit score is not the only thing that an underwriter will look at when evaluating your loan application.  Having more of a down payment is a great compensating factor.  It might however not be the "best" option for you as having a lower credit score may come with a higher interest rate which will cost you more in the long run.  You should talk to someone who knows both about credit and FHA loans.  There are many small things that can be done to improve your credit score without taking forever. 

Look for a Mortgage Officer here on Zillow by the Name of Scott Mertens, He is a Branch Manager in New Hampshire but also covers Maine.

Good Luck and Cheers!
  • January 06 2014
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Your credit score is only one part of the total picture. What are the reasons for the low score? Recent late payments, liens, judgments and collections can be deal killers even with the "right" credit score.

Your best bet is to find a lender you trust through word of mouth, and have a mortgage review done of your income, assets and credit report. You may need to go onto a credit repair plan of 6 - 12 months before you would be ready to buy. It all depends on your specific details.

If you don't have anyone to provide you with recommendations, there are many qualified professionals here on Zillow who can provide you with honest advice.

Good luck on your home search!
  • January 06 2014
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