We are first time buyers with pretty low average credit scores. The plus is that we are working. Our rent is 2300 per month and we have been living here for almost 3 years. Definitely want to buy, but feel that the credit situation is going to get in the way. by tamm4yre_938_114 from Laguna Beach, California. Aug 16th 2011
There may be options for you. By the amount you are paying in rent it would appear that you would can afford a reasonable mortgage thus by creating some equity and wealth for yourself vs. your landlord. Best is to consult with your friendly neighborhood lender---ME! Look over your specific circumstances to see what are your best options..feel free to contact me at 877-369-4319. Just North of you in Long Beach.....Dan Paladin
If you have 10% down, you may possibly qualify with a credit score as low as 500 for an FHA mortgage. (Not 580) If you would like to find out if you qualify, contact me through my profile.
How low is low? Accurate responses, for the most part. What is missing, however, is that lenders who are doing the very low scores are also charging several points for the priviledge. Consider low credit scores the new "subprime" loan market. You really need to do think it over whether paying a lot to get into your dream home makes sense. Why not work on your credit (with a mortgag professional, not a credit repair company...that is usually a serious waste of money)? Our CA values are not going to spike anytime soon. You have the time to get into a home at a great price...don't rush it and pay more than you need to. Consultations are complimentary...619.787.8212
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