Need to purchase REO property for 475k with a 560 FICO

I do not usually reccomend that someone use a credit repair service, however, in the case of improper reflections on your credit report, they would have the ability to remove those items the fastest. At that point if you are above 620, you should not have an issue getting a conventional mortgage with a decent down payment.

You are going to have a difficult time with your low scores. Disputing won't help because in order to get the new loan, underwriters will require that any reference to disputes be removed. DO NOT use a "Credit Repair" service as after they take your money, all they will do is dispute the items (see above why this won't work). Instead, you need to work with a local Mortgage Professional and resolve the items that are showing on your report. As you resolve them your scores will climb. You didn't indicate what type of repairs, but most lenders are going to require that the home be inhabitable BEFORE they will close escrow. The exception would be an FHA 203k loan. Contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. They have access to loan products of many lenders, not just those of one bank, and can properly guide you. 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

There is nothing we can do with a 560 score. for a pruchase you need a 640 at the very least.

I CAN do hard money, with 30% down, the rate will be a l high, but they will not look at your fico score.. and then it will give you time to clean up your credit..On private money, I need a 680 fico score..

As everyone else has stated you would have to have at least a 640 credit score BUT I am not necessarily ready to dismiss this or go hard to hard money. First - where did you get the score of 560? Often times the free credit score companies online are not accurate so I would start by checking that. Depending on what the issues are with you credit you might be able to get the scores up so you should chose an originator who is willing to work on this with you and hopefully get everything cleaned up and in position to get the loan. I would be happy to do that for you. There is a chance that this particular house wont work out but if not maybe we could get you into position for the next opportunity. Feel free to call my cell 614-266-0304 - Chriswww.Rate-Drop.com

Sorry, as everyone has stated you can not get financing on an investment property with a 560 credit score through conventional standards. You might be able to get hard money financing.

Hard money is going to be your own option.. Your score is too low, and because you have "disputed" items, your 560 score is not reflected correctly.. With 30% down, they will lend to you based on equity rather than score.. 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