can i get a home loan with a credit score in the lower 500s

That's a tough one. I offer FHA loans down to 560 but the score is just one ingredient and just because you have a 560 score doesn't mean you will get the loan. The important part is to determine why your score is where it is. Perhaps you can make some changes/adjustments that can get you where you need to be in a short time frame - or maybe it will take longer. Really don't know until you have someone take a look at the total picture. Local lender in Atlanta and would be happy to discuss options with you. Briggs Cline. Buckhead Home Loans. 404-303-7411.

I used to work for PRMI - Primary Residential Mortgage and they were doing a speical FHA loan for scores down to 500. However, you had to have improved your credit situation in the last 12 months - no new late payments, no new collections, and you have to qualify by strong income (with job security) and assets. (And you needed to put at least 10% down.) I think PRMI does have some offices in your state - you might want to Google them and ask them if they still have this loan program, and if they do, best of luck!

Probably not.. To have a credit score in the low 500, it's likely you have multiple major derogatory credit items such as collections, judgments, multiple 30,60,90 day late payments on multiple accounts, etc.. and lenders will not lend to someone who has a proven track record of not paying their bills on time. Like the ole saying.. "he who's faithful with little, is faithful with much".. if you cannot seem to pay your small accounts, then it's unlikely your going to pay a mortgage on time.. the best advice I can give you would be to contact a local credit restoration company and let them help you get your credit fixed up.. it could take some time, but if your committed, then you will eventually get your scores up to satisfy the lenders minimum credit standards. Also, there are lenders who advertise that they will lend to borrowers with scores in the 500's, but a couple of things to consider.. you will need 10% down payment if your score is below 580, you cannot have any derogatory credit in the past 12 to 24 months, and you must have re established good credit since the last derogatory credit. Understand that the program guidelines are so strict that very few that apply actually get approved... so it's best you work on getting your credit fixed rather than trying to find a lender willing to lend to you with such bad credit. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Most likely not. Even if a lender would allow a score below 560 there would be additional reasons of why your credit score is that low. A good idea would be to have a credit company review your credit and let you know what can be done to help improve your credit score. Best wishes, Sean