Middle Credit score of 547 but willing to make a down payment of up to 50% purchase
My name is David and i am 27 and a first time home buyer, or at least trying to be. In my past i have had some credit issues with late payments, collections, and settled debts. As of now everything has been paid off, but my problems in the past are haunting me now. I am looking at houses that range from the $90,000-$130,000. As of hard work and good fortune i have been able to amass up to $50,000 as a down payment for a place. I was hoping that with such a substantial down payment i would be able to get a loan, however have been turned down multiple times because of my credit score. I live in Atlanta GA. Is there anything i can do? Anywhere i can go to? Please help me. by djirvi_242_448 from Atlanta, Georgia. Sep 25th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are lenders out there that will go down to 500, but the guidelines are very very strict, and most won't qualify.. But without seeing your credit report as well as an application, it's hard to say if you would qualify for these low score programs.. There are hard money lenders out there that will do a loan for you with your score and available cash, however the terms are going to be terrible.. you might want to invest a few dollars into a credit restoration company... it's possible they can get your score up enough to qualify, which in the long run would be cheaper 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
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
If all of your old problem credit issues have been resolved, are they being reported correctly? Have you established any credit since then? You will usually need at least three open active and PAID AS AGREED credit accounts to get positive points. If you don't have open accounts to earn positive points, you will never get above where you are right now. Contact a Local Mortgage Banker/Broker and ask them to guide you into what you need to do to improve your credit and score. It could be as simple as cleaning up the reporting, or it may include waiting a couple of months for your good credit to give you the bump in score you need. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
Jaime Avery (AHSTeam)
#20 ranked lender in Georgia - 3 contributions
Hello there David, I am actually a Real Estate Broker, and would love to assist you with your purchase if you're not already working with an agent. I know a lender who can not only can qualify you at a 580 credit score, but who will assist you in getting your score to a 580 within 45-60 days. It may require paying something off or working with a credit counselor, but it can be done as he has successfully worked with a few other clients that I have closed in the past. Please contact me if you are interested.
Ask our community a question.
Get an answer
Related Questions
