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wondering if i qualify

i want to buy a home that was foreclosed on i make $30,000 a year and my credit score is about a 585 im a single parent of 3 and wondered which route i should take and if i would qualify for any programs , just need to be pointed in the right direction thanks in advance by robynmarsh27220 from Florham Park, New Jersey. Dec 14th 2013 Reply


Mina Galab (minagalab@gmail.com)
#122 ranked lender in New Jersey - 92 contributions

you may qualify, but I need more info..give me a call 201-434-0005, I will do my best to help you and guide through the whole process.

Dec 14th 2013
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Irv Brockington (CoachIrv)
#58 ranked lender in Pennsylvania - 5 contributions

my suggestion is that you sign up for a credit repair workshop with a local non-profit HUD approved credit counseling agency.....would like to see your credit score over 620.

Dec 14th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,784 contributions

You credit score is going to be a major hurdle... Work on repairing credit, then think about buying a home.

Dec 14th 2013
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Chris Caporiccio (chris.caporiccio@wellsfargo.com)
#13 ranked lender in New Hampshire - 31 contributions

Hello, I will be happy to assist you. Here at Wells Fargo we have 100's of program s to venture in hopes to solidify financing for you. I will need you to complete a few steps for me so I can review all your optoins and point you in the right direction.Please email me @ chris.caporiccio@wellsfargo.comHave a great day

Dec 14th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

You may qualify but it will depend on the amount of downpayment you have and other qualifications. My recommendation is to work on improving your credit to 620 or better and then apply. I have a blog on this site that talks about improving your credit - sometimes scores can be improved pretty significantly just by paying some credit cards down or paying off a couple recent collections. Good luck!

Dec 15th 2013
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Pete Puma (Pete@gmail.com)
#965 ranked lender in California - 6 contributions

The score isn't the issue with me as I go as low as 580. My concern is that your income will be insufficient to cover all of your living expenses. When you have time call me and I'll evaluate the details of your situation and give you the best advice I can.201-857-5297 - jraymond@mtgnow.com

Dec 15th 2013
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Pete Puma (Pete@gmail.com)
#965 ranked lender in California - 6 contributions

Hello Robyn...I offer loans for clients with credit scores as low as 580. But my concern is that your income will be insufficient for you to debt to income qualify. Feel free to contact me at your leisure so that we can discuss the specifics of your lending needs. I promise to do the very best I can for you and your family.jraymond@mtgnow.com - 201-857-5297

Dec 15th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Before you get your hopes up about other lenders saying they can help, you need to understand that with a 585 credit score, you have a proven track record of not paying your bills on time.. and although we have lenders who will go below the standard 620 or above scores, most folks that apply with the lower score hardly ever get approved, since the guidelines are very strict.. your far better off working on improving your score above 640.. with that you will have endless options.. understand that it takes so much more than a credit score to get a mortgage.. the real question is WHY.. why is your score so low.. collections, judgments, unpaid student loans, foreclosure, BK, etc.. your credit score along with a hundred other things are considered to determine one's eligibility.. I've had borrowers with 750 credit scores get denied because of a profile deficiency, so unless we can see your complete profile, it's anyone's guess.. 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

Dec 16th 2013
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

There are FHA loan programs that will allow a 585 credit score, but it will depend on your overall credit report. At that score your debt to income ratio would also be limited to 43%, so this will limit the amount of home you will be able to qualify for. It would be a good idea to do a loan application with a loan officer who offers loans down to 580 on FHA and they will be able to tell you what your current options are. Best wishes, Sean

Dec 15th 2013
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