Low Credit Score Loan

vivian76036 · Joined: 09 Sep 2008 Posts: 1 1.54 Dollars($)

I'm looking to purchase a home with 7 acres for 145000. It needs about 10,000 repairs to it. My credit is bad. 550-540
what are my options. I need the 7 acres for my horse. It is in the Cresson Texas area. Will appraise for well over the 250,000 once the repairs are complete. Vivian Bailey

sara · Posted: Wed Sep 10, 2008 4:22 am Post subject: RE: low credit mortgage

Hi vivian,

Welcome to the forums.

I guess you can try for 203k FHA loans. This is because you need to make repair along with the purchase. Since you have low credit, that is around 550, I guess you'll still qualify for FHA loans. However, check out the maximum loan limit that is available in your County.

To know about FHA 203k loans and how it can help you, refer to a community discussion on it.

Take Care

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