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My score is in the 500's, am I able to purchase a home?

by glorypraze from Stone Mountain, Georgia. Oct 22nd 2016 Reply


Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

first , its not always the score its is what is on the report. i have over 30 plus years in the financial world, including being a credit underwriter.do you have any military background, active or retired??

Oct 23rd 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Your score is just one factor determining whether are not you qualify for a loan. Some of the other factors are DTI (debt to income ratio), Bankruptcy, Judgments etc... Check with a local Loan Advisor.

Oct 24th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,683 contributions

Probably not.. with a score that low, there has to be some major derogatory credit.. and without knowing exactly "WHY" the score is so low, it's impossible for anyone here to say.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 24th 2016
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