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My husband and I would like to purchase a home soon. can someone PM us contact information for brokers or lenders that can help us find financing. Our scores are mid 500 to low 600.
Thank you!!!!
While it isnt impossible to still find Lenders approving 580 mid score, it is very hard fetched finding them.
The lower the scores the more everything is scrutinized, and harder it is for approval and Clear to Close.
Lenders that approved 580 mid scores last week may not be approving them this week as requirements change every day.
To start trying to attempt to find them you would also have to let others know what state you are in. Different states have different Lenders available in them.
You would have better chances getting your scores up to a minimum of 620 mid scores and even better chances if your scores were above 640 mid scores.
With your range of scores I am not even sure if they are FICO scores, and if they are FICO scores you should also say exactly what they are not a range. Your range of scores in my opinion you will have a very hard time being approved from any Lender.
We are in Texas (DFW to be exact). My MyFico EQ and TU are both at 560. My wife's EQ is at 600 and her TU is at 560. Have not had a late in 12 months. All of our derogatories are from 2006-2007. Any info is greatly appreicated!
@mendoza1210 wrote:We are in Texas (DFW to be exact). My MyFico EQ and TU are both at 560. My wife's EQ is at 600 and her TU is at 560. Have not had a late in 12 months. All of our derogatories are from 2006-2007. Any info is greatly appreicated!
With your scores, it is highly unlikely you will qualify.
Personally I do not see any lenders approving these scores. But maybe Dallas or Shane have better information for you in the TX area.
You need to work on fixing your credit before worrying about buying a home.
Yes check the rebuilding forum on here. I increased my score almost 100 pts within the last 2 months so it can be done.
Well, we have been rebuilding. Between my wife and I we have increased our scores 80-100 points each Credit Bureau; just didn't want to have to wait another year. We actually don't have anything else to do but wait it out. All of our collection accounts (4 total) are paid. We have a foreclosure and three CO that fall off in the next 18 months. The COs are unpaid. They do not GW or PFD, so really not much to do. All inaccuracies have been addressed. Have 30, 60, and a 90 day late from Conns from Dec 2011, Jan 2012 and Feb 2012. Have open credit cards and store cards that are reporting above 50% utilization, but have paid all of them down to 29% just have not updated. Other installments loans all paid as agreed. We will see how many points we get from paying our credit cards down. I might even attempt to bring them under 10% if we see a significant increase. That is why I am asking if anyone knew of a lender that would approve for those with less than a mid 640. I see ourselves in the low 600s by March.
Thanks again!
You will have much better chances with a 620 mid score.
Paying down your debt will help but I do not see a 100 point gain. But I have been wrong before!
GW's and PFD's do not always work, and sometimes they work after a significant amount of time of trying. You have nothing to lose to keep trying for a GW for removal of paid negative debt and late payments caught up.