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Replies (4)
- James Ryan, "GreatRateFolks"
- Contributions:1038
Hello TP,
Although FHA technically has no minimum score requirements, most lenders add overlays with most lenders today at 640 or so, although there are some that still advertise down to 580 or so.
Find a good loan officer that can help you go over your credit and begin its repair. It may be a fast turnaround if the information is incorrect. If the info on your credit report is true, unfortunately, it takes longer to heal your scores.
Best wishes, and good luck!
I hope things turn in your favor, Jim
Although FHA technically has no minimum score requirements, most lenders add overlays with most lenders today at 640 or so, although there are some that still advertise down to 580 or so.
Find a good loan officer that can help you go over your credit and begin its repair. It may be a fast turnaround if the information is incorrect. If the info on your credit report is true, unfortunately, it takes longer to heal your scores.
Best wishes, and good luck!
I hope things turn in your favor, Jim
- John Dietel, "MN Broker"
- Contributions:82
A great mortgage broker may be able to help you out, as Mr. Ryan has said. One avenue to look at may be a "Hard Money" lender. The rates are higher, but may be better than renting. Plug your numbers into this calculator.
http://www.nytimes.com/interactive/business/buy-rent-calculator.html
http://www.nytimes.com/interactive/business/buy-rent-calculator.html
- wayne lancaster, "funds2"
- Contributions:1177
Though buying a home may be your desire, renting for the next 2 yrs is a better option. A 528 score indicates serious credit issues, and is next to impossible to get any type of mortgage financing.
Renting for 2 yrs or so will give you stability to get your credit issues resolved and establish acceptable credit. In 2 yrs of paying all debt on time you are likely to see your credit scores improve by 100-125 points.
The time to buy a home is when you are in a good financial position to make it a long term plan. Many of the millions of foreclosed homes were buyers that were not financial strong enough to handle changes in their finances.
Renting for 2 yrs or so will give you stability to get your credit issues resolved and establish acceptable credit. In 2 yrs of paying all debt on time you are likely to see your credit scores improve by 100-125 points.
The time to buy a home is when you are in a good financial position to make it a long term plan. Many of the millions of foreclosed homes were buyers that were not financial strong enough to handle changes in their finances.
- TPurviance
- Contributions:2
Ok, in less than 2 months I have seen a signifigant jump in mine and my fiance's credit score have done some research with the three credit reporting agencies, aquired a small line of credit to show current good debt, and now our scores are in the 590s. We are looking into the rent to own option for maybe 12 months but are unsure of how to approach a homeowner. Thanks for any and all comments.
mortgage loan with low credit score
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