What loans are available for first time home buyers with low credit?

4/16/2015Marie - thanks for the question.... scores of 675 and 690 are fine .....monthly income of $6250 is good too .......if either of you is in service or a vet - you can use VA loans with 0 down payment ...>FHA loans are available with as little as 3.5% of purchase as down payment and " conventional loan programs normally require 5% down payment ...I would advise beginning pre approval process to find out all options ..this process is free and easy and can be done via email / faxing / mailing or meeting ....let us know if we can assist ..thanks and all the bestDave Skow WA MLO #278613 Eagle Home MortgageSeattle WA 98121W 206 714 9745 daveskow@eaglehm.com

Most lenders would not consider those scores "low" - more like average. Depending on other details either a conventional loan with 3% downpayment or FHA with 3.5 may be your best option - unless you happen to be looking in a rural area where USDA 100% financing is available.

Lots of options but you need to meet with a local mortgage broker and let him look at your complete loan scenario.. only knowing what one of your credit scores and your income is a very small piece of what is analyzed in determining one's eligibility.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

With those scores and income you are going to be open to most products in the market. It will become an issue of how much you have for a down payment as well as what your plans for the property are going into the future. We take a look at your whole plan and see what fits best for your family going forward.Derick Condron503-510-8290