FICO 570, Can I get mortgage on a home worth 45,000?

You have two issues. First, with that score, very few lenders will offer any sort of financing. The second issue is the loan amount. Due to silly rules imposed on lenders by Washington, it is virtually impossible to provide anyone with a standard loan below around $50,000. The combination of the two issues is going to make finding financing incredibly difficult.

Email me at DonMcCarty.pfa@gmail.com or call me at (919) 633-7505. I'll run your numbers.

Richard,I can help you. Please give me a call at 713-370-LOAN, or email me at Adrin@accuratecapitalmortgage.com

With a credit score of 570 it will be virtually impossible to secure traditional financing. If you must buy right now, you may want to locate a "hard money" lender for a short term mortgage. Then immediately work with a professional lender to help you repair your credit so that you can refinance in 12 months or so. Your loan amount is so small you may also find it difficult to find a lender that actually can help you with the new loan due to complication with "high cost Mortgages". This is a regulatory guide that is supposed to protect borrowers from lenders charging excessive fees. The problem is that most cost are fixed cost for both a $40,000 and a $1 Million loan but because the sum of those fees are a much higher percentage for a small loan than a big loan and that triggers the "high cost mortgage" rules.

Unfortunately, you are probably going to need to get your credit fixed first. There are very few lenders that are able to accommodate loans of less than $50,000. The big banks can do them, because the recent round of regulations that all but made them impossible for everyone else to do. The problem you face is they are going to require better scores than what you have. Putting more down won't help, because that just makes the loan smaller, and even harder for them to justify doing at all. I wish I had better news, but my best advice is to get your credit score up into the 600s. 620 is even better, and makes the deal more likely. Good luck to you.

Your score is not the problem.. there are lenders that will loan down to 500. the bigger issues is why is your score that low?? Foreclosure, short sale, Loan modification, Deed in Lieu of Foreclosure? You have at least a 3 year wait... The next issue is the loan amount... most lenders don't go below certain loan amounts... some are $50k, some $75, and some don't have a minimum, however they price their loans very high... Contact a local mortgage broker, and apply with him. If he doesn't have a loan product for you, he will be able to refer you to a company that can... WilliamAcres.com