Hi, I have a credit score of 575, related to medical debt that has been paid off, trying to buy a house.
We are not first time home buyers, previous house has sold and we are renting. We would have $100,000 to put down as a down payment.No credit cards, and no debt other than a 250/month student loan payment. Monthly income is at least 5,000-6,000/month. Are their any loans out there for credit poor but good sized down payment?We are try to rebuild our credit but would like to get into a home sooner than later. Thank you! by flightrn from Parker, Colorado. Apr 22nd 2011
J Martin (jmarr91)
#10 ranked lender in Georgia - 25 contributions
With the amount of down payment you have, there are a couple of lenders I have in mind that will finance a home for you. Since you don not have any other debts other than the student loan, an explanation letter will definitely be required when your loan is submitted to the lender. What's the loan amount you're requesting?
Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions
HelloYou would probably have to show several non traditional account histories and have little to no deragatory credit. Another option to consider might be USDA, as they have no credit score requirements. There are income and property restrictions to qualify, but you should be OK. By the way, there is NO downpayment requirement for USDA loans. Hope this helps...............Patrick McCarthy, Northpointe Bank, 866-901-3576
Gary Crist (coloradoreversemortgagelender)
#25 ranked lender in Colorado - 38 contributions
Hi, it is tough to get any loan with a credit score under 620. Some lenders will lend with at least 80 to 90 % down.
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