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i dont have bad credit i just dont have credit im about 540 with me and my husband combined and im interested in buying a home i have 5000 down any advice??

by Samantha Pedroza from Sioux City, Iowa. Mar 2nd 2011 Reply


Rich Constantine (rconstantine)
#399 ranked lender in California - 79 contributions

You will need a 640 FICO to get an FHA loan in your area. I do have lenders on the West Coast that will go down to 500 FICO on a FHA or VA purchase. However, you will need to build some credit. I would suggest opening up a Credit Card or a Secured Credit Card and pay on time to get your score up. Is there anything else that could be affecting the low FICO? Derogs? Hope this helps. RC

Mar 2nd 2011
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john kizer (johnk@gnblending.com)
#21 ranked lender in Kansas - 6 contributions

If this is your true credit score, 540, then you will need at least 10% down to get an FHA Loan through a preferred program we offer. In the loan approval process, your middle score of the 3 bureaus will be used for your qulaifications. In the event you have no scores for any of the bureas then this could have a positive impact on your ability to qualify. If you have time to discuss please give me a call or email me, 913-944-4745 or johnkizer@openmtg.com to discuss options available to , it will be very dependent upon your credit score.Thanks,John Kizer

Mar 2nd 2011
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Daniel Lotter (dnllotter)
#27 ranked lender in Colorado - 58 contributions

Get that score up to 620 and Tri Star Funding can get you into your home with on 3.5%down. Give us a call and we can discuss options for you to get those scores up. 877-489-8249 - ask for Daniel Lotter

Mar 3rd 2011
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