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kemerson2 · Joined: 29 Aug 2009 Posts: 3 2.70 Dollars($)

My husband's credit rating is 525 and mine is 517. We are attempting to buy a house on a short sell, but also need a low down payment. Our combined income is approximately $120,000 a year. We have lived in the home for over two years and have never had a late payment. We expect the mortgage payment will be less than the rent we are currently paying. Do you think you can help?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

With this credit score it is really difficult to to get any kind fo loan. Even thoguh you have good income, you need to work on improviong your credit score

Even FHA requires minimum of 620 with 3.5% of down payment

Guest

You are incorrect. FHA theoretically has no minimum credit score. The 620 you mentioned is an investor restriction. I know of two lenders that will go down to a 550 and another that will go as low as 530. Lots of restrictions on these types of loans though

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Good luck getting some oen qulified for a loan with such a low score

Especially in this market!!

JKennedySLG · Posted: Mon Aug 31, 2009 9:36 am Post subject:

Before saying someone is going to qualify based on that credit score, lets first find out why the scores are that low. There are lenders who will allow for a lower credit requirement, but the deal must make sense. You'll need a bunch of compensating factors and great explanations for any derogatories within the last 12-24 months. I hope this helps...

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thanks JK

catharin9 · Joined: 14 Jul 2009 Posts: 168 -0.14 Dollars($)

Are any local lender helps in such situation?

gmakerley · Posted: Mon Aug 31, 2009 11:33 am Post subject:

thank you james for bringing a little sanity to the discussion. i also believe that it will be an awfully difficult sell for people with scores that low to be qualified and approved for a mortgage, regardless of income.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

George,

Whats was INSANE about the discussion before JK posted!!!

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Need low down payment for low credit