My score is about 550, is it possible to get a mortgage?

Yes, but not with your current scores. You need to work with a local Mortgage Banker/Broker to help you prepare a plan to resolve your credit issues. Depending on what your issues are, it could be very quick and painless, or it could require more time. Knowing what it is on your report that is doing the damage will help you with the plan. Work with a local Mortgage Banker/Broker instead of the big banks or big national mortgage factories because the big guys won't want to take the time to help you get where you need to be. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

You can get a loan, but it won't be conforming.. Hard money loans allow borrowers with poor credit to obtain financing, but it's strictly equity based.. Meaning 50% to 70% loan to value.. So it really depends on how much the land is worth, and what the project will be worth after the construction is completed... you still need to show you have the ability to support the payments, but this is an option for you.. otherwise, if you're looking at any type of conforming loan, you will need to drastically improve your score to qualify, so you might want to get with a credit restoration / repair company... 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

AgSouth requires a minimum middle credit score of 620 on all of our home loan programs.*****AgSouth Closes a lot of FHA, VA & USDA Home Loans.You can contact Matt Elston @ p. 803-324-1131, then press 1

I do residential construction lending LOAN AMOUNT: $100,000 - $20,000,000Up to 80% Loan to Value680+ FICO Score3.5% Construction Management FeeOwner Occupied or 2nd. Home Only- If Property is owned more than a year it is 80% of the future appraisal.3.500% Construction Loan (interest only, up to 24mo.)3.750% 30 year fixed end loan

With a 550 score I doubt you will find anyone to do a construction loan. Good luck.

I like Bert's working with someone preparing a plan to resolve your credit issues. How much are you looking to take out? Step one get a copy of your credit report. Work on disputing negative things off. Work on cleaning your credit yourself, to qualify for a personal loan at your local back. Another option - try signing up for 12 month 0% credit cards, since you already have a contractor, ask they will accept payment through a credit card. It is easy by him billing you through the card,compared to you taken cash out. Then when you have all the work completed on the home, take out an equity loan to paid off all the charges on your credit cards. For large loan amounts a fixed rate and term mortgage is better.Good Luck....

Not with current score, need to work on credit, if it was a purchase we go down to 525 on FHA

Afrang....No one is going to touch you... today...but if you find a local mortgage person that will help you get your score up, you could probably be in your new home by the first of the year. We are a local South Carolina lender that helps home buyers with credit issues build/rebuild their credit. Good luck! Bobby Wallace, 843-200-5617 Anchor Mortgage, NMLS #241036