I am looking for a mortgage broker. Perhaps you can help. My score is in the low 500's. Income 50K annually. $5000 down payment. Little debt.

Hi Terry, well, that will be tough...most lenders require the minimum 620 credit score, very few lenders can do the FHA with scores over 580......you really have to get that score up....use your credit card and pay it down but not off for a few months, you really need to have at least one if not 2 credit lines in order to get this score up to the 620 range, and also to qualify for a decent mortgage....keep in touch and see what your scores are in 60-90 days of using and paying the monthly credit card...good luck...

Hello Terry, Wells Fargo does offer FHA loans in the 580-619 FICO range. They are case by case, I would be happy to set a time to chat and review this opportunity with you. Please reach me @ chris.caporiccio@wellsfargo.com -or- call 603-222-3932

As Steve said previously, you will have very few (if any) options unless you can improve your score to at least 580 and more likely 620 +. If you need suggestions, check out my blog on this site titled "First Steps" - you may need to to establish another open/active tradeline to boost your score. It often takes two or more positive accounts to bring a low score up quickly - often meaning 6 months or so. Good luck!

Terry,Your best option would be to contact a local lender that can advise you on your credit and income. Depending on your situation, they can guide you on a pathto a higher credit score which allows more options for your home purchase.

Finding a mortgage broker should not be your priority right now.. you should be working on fixing your credit.. most lenders require a credit score of 640 or above.. there are a handful of other lenders that will go lower, but the lower the acceptable score, the more strict the guidelines, and few that apply qualify.. Also understand that it takes much more than a credit score to qualify for a mortgage.. Income, debt, type of income, type of employment, judgments, foreclosure, short sale, bankruptcy.. etc.. if your score was 750 but you had some of these credit deficiencies, you could still get denied.. you can reach out to a local mortgage broker and see if they can refer you to a credit restoration company, but the credit needs work before you start thinking about a mortgage.. 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. 480-287-5714 WilliamAcres.com

Regardless of what someone might say, or something you might read... You are not likely to get any sort of loan until your middle credit score is 620 or higher. Focus on improving your score. Many people are able to do it within 60-days with a little effort.