CAN I GET A MORTGAGE LOAN ON MY OWN (with poor credit)?

[Serasvae]

I am currently in a lease to own home right now that is not going to work out due to unfortunate circumstances that can't be avoided. I am forced to make a move within the next 6 months and more than likely will end up finding a place to rent... BUT... out of curiosity, I wanted to ask the "board members" here your opinion on whether I could qualify for any kind of mortgage loan on my own.

I make slightly over $2,000/month but my credit score is low. It's around 600. I have approximately $5,000 credit card debt, but I am paying on time. I do not have any student loans or auto loans.

I was hoping that if I looked into forclosures or affordable condo's/townhome's that buying could (hopefully) be an option for me. I would be doing this on my own.

I am looking in Central MA/Northern RI

Thanks in advance for your help!

[fot1]

Need more info.. Read this thread then add to this thread

http://ficoforums.myfico.com/t5/Mortgage-Loans/Do-I-qualify-for-a-mortgage-Info-that-is-needed/td-p/...

[natesezgoblue]

why is the score low?

when was your last late payment?  how many lates in the last 2 years?

[Serasvae]

My low credit score stems from old past debts that I had..credit cards. I had not made payments on these for about a year or a little over. I ended up having to "settle in full" on all of those. After some time, it was recommended that I establish new credit cards to inrease my credit score. I have three major credit cards now and two store credit cards. All the payments are made on time. My score used to be closer to 500 and now its at around a 600, so it is creeping up, thankfully. But, I don't know how much it will creep up in the next 3-6 months when I need to move. Someone mentioned that if I can get it to at least a 640 that I MIGHT qualify for an FHA Loan?

Any advice here will be very helpful! 

Thanks

[Lemontwist4]

You can also check out a USDA loan no down payment no reserves need but (although Usda only requires a 620) the bank you will need to go through will want a 640 so that's what I would shoot for!

[Serasvae]

Does anyone have any experience with Lexington Law?  My dad used them and he has been having pretty good luck. I am thinking of contacting them so the can help me get my credit score up to a 640, hopefully higher!

[StartingOver10]

Actually you would be better off going to the rebuilding section here and doing the work yourself. Once you do that, you will see that it is not only easier, but you can get much more done than what Lexington Law can do for you and it won't cost you $100/month to do it.