Is it possible for a first time borrower to get a 50, 000 dollar home loan with a 570 credit score an 51, 000 anual income?

You got a lot of bad things going for you.. First time home buyer, bad credit, 50K home. most lenders have minimum lending criteria where the smallest loan they do is 75K or higher.. and with a 570 credit score, it's going to be tough.. there are lenders who will lend with that score, however the guidelines are so strict, very few that apply actually get approved.. in reality, your better off fixing up your credit before you go looking for a home.. keep in mind that it takes much more than a credit score to get financing.. the real question to you is "Why?".. why is your score so low? If you have had a BK, Foreclosure, Judgment, tax liens, unpaid child support or unpaid student loans.. all of these scenarios can result in an automatic denial, even if you had a 750 credit score. Get with a credit repair company and let them look at your credit, hopefully they can get you score up to an acceptable range.. .. 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

It's possible but a lot more info would be needed. FHA requires 10% down with scores below 580 or 3.5% down at 580 and above. Not many lenders offer FHA financing below 640 and fewer yet below 580. For best results get together with a local lender from this forum who can analyze your total profile (credit history, income/employment history, current debts, etc) and possibly refer you to a reputable and local credit repair firm. Best of luck to you!

Your best bet is to try a local credit union or small local bank in your area.

FHA will allow with 10% down with scores under 580. Most of the larger lenders have minimum loan amounts that either start at $50,000 or exceed that amount. Start with a small lender or even CU in your area and see what they can do. Keep in mind with a lower score your credit will likely need to be somewhat clean for at least the previous 12 months. Late payments and other recent derogatory credit will be tough to overcome. Good luck

Our minimum is 100k but we can do them! Visit our website at www.mylowcostmortgage.com or call us at 713-590-9070. Thanks