Can we get a mortgage?

That is a difficult scenario to answer with limited information. "Banks" normally require a 640 or greater credit score, but there are programs that will allow for scores down to 580 offering 96.5% financing, and down to 550 with 90% financing (both FHA products). With scores under 640, you can not have any late payments (over 30 days past due) in the last 12 months on rent/mortgage and/or installment debts. You will also need to show that whatever caused the "hard times" has been rectified. If you would like to discuss your options in detail, please don't hesitate to contact me anytime. 251-609-3770

More info needed, but in general, it takes much more than a credit score to obtain financing.. and, when it comes to credit scores, your loan is prices based on the lowest MID score of all borrowers.. knowing one score is no help... having income is good, but you need to meet all other eligibility requirements to qualify.. For FHA, if you are below 580, you need 10% down.. The best advice I can give you is to contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Realistically, your credit score is a gigantic hurdle. My basic advice to people is that if your middle credit score is not at least 640, don't even bother applying. While you may read all over the internet about possibly getting a loan with a score lower than that, the odds are extremely thin. Your best bet is to work on credit repair and improving your score. Once over 640, then apply.