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Old 05-19-2010, 06:30 PM
 
1 posts, read 1,672 times
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I am looking for a mortgage loan for a first time home buyer I don't have a 580 credit score and it from not having enough credit but I want to buy this home is there a lender out there for me?
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Old 05-20-2010, 07:02 AM
 
Location: Plano, Texas
1,675 posts, read 6,832,095 times
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I do not know of any lenders offering mortgages to sub 580 credit score. If you really want to purchase a home, you must repair your credit first. If you do not know how, there are certain companies you can hire which can clean up your credit for you for a fee. Be careful... there are many bad apples in credit repair. Ask your friends, relatives, church members, etc.. if any of them have worked with a credit repair company in the past with success and use them.
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Old 05-20-2010, 08:13 AM
 
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Do you have money saved up for a pretty signifigant down payment? That would help. Otherwise, like previous poster said, you're best bet is to focus on repairing your credit. You can hire a company or you can do it yourself and go to the bureaus websites and find instructions on how to dispute inaccurate items on your credit report. If you have any credit cards, make sure to keep the balances at less than 50% of the credit limit. Make all your payments on time from here on out. When we got our first house, we were declined at first due to our credit but after working on repairing our credit for about a year, we were able to raise our score enough to qualify. It takes time but it's worth it.
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Old 05-20-2010, 12:59 PM
 
2,729 posts, read 4,979,587 times
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Quote:
Originally Posted by allineedtogetbye View Post
I am looking for a mortgage loan for a first time home buyer I don't have a 580 credit score and it from not having enough credit but I want to buy this home is there a lender out there for me?
I didn't know not having enough credit could hurt that much! You don't have enough credit because you have few cards? Or you have utilized most of the available credit that is extended to you? If it is the second, paying off your credit balance to lower your ratio should improve your score. In addition the lender will take that into account even if you have high score. So, it is in your best interest to pay down your debt to improve your score.

Or is it not having enough credit history? As in just started to have a credit card? If that's the case, use your credit card as frequently as possible and pay all balances on due date and it should improve. Have the patience! The worst thing you could do is to rush and get a loan with high hit in interest rate because of your credit score. Waiting a year or two may be the solution and no one is predicting the housing market to sky rocket in a year or two--at least you are covered there. Good luck
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Old 05-20-2010, 01:10 PM
 
5,284 posts, read 13,520,014 times
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You can't get down to a 580 unless there are some derogatories on there.
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