Bad credit, applying for home loan

Work on getting your credit improved.. You should contact a credit restoration company.. typically $400-$1000 is the charge.. but this small amount you pay upfront to improve your scores will pay tenfold when you apply for your loan.. you also might want to contact a financial planner... my philosophy is "Cash is King"... so I would not recommend you put $50K down... you're better off with the minimum down payment, and leave the rest of that money in the bank.. 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. 480-287-5714 WilliamAcres.com

Many times, getting your score up above 640 to qualify for great rates is not too difficult. Before you hire a credit restoration company, look for a local Mortgage Professional and tell them what you are trying to do. Many of us have extensive backgrounds in the credit industry or have access to those that can help you with your situation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Anytime your middle credit score is below 640, you are going to run into difficulty obtaining financing. The further below 640, the more difficult. 570 is considered really bad credit. Because of your large down payment, you MAY find a loan from a very small limited number of lenders. But that also presents another issue... a small loan amount. Many lenders will not do a loan under $50,000. I would normally suggest working on credit repair with some of that money, and looking at a home afterward credit is repaired. Good luck.

I would recomend to use some of the funds to clear up credit - most people dont have credit problems they have money problems. Money can be used to repair credit faster. Once credit is above 640 you will find it much easier to obtain loans and get betters rates on insurance.

Shop for a home that offers owner-carried financing. With a large down payment, many sellers will be comfortable to carry a mortgage balance.

We are a direct bank that handles FHA loans 560+. Please call us anytime to discuss your options! 281-833-9424.

There are many factors involved here. If you are receiving some money, then before you buy anything use that money to repair both of your credit. If you try and rush into buying right away, if you are even able to find someone to loan you money the cost of that money will be way above what you should be paying with good credit. Not having good credit will cost you thousands upon thousands of dollars over your life as just about everything from car insurance credit cards car loans and more will cost you a lot more money with poor credit. Why put 50K down when you can borrower money at close to 3%. What i'm trying to say is the best thing for you and your fiance is to start fixing your credit or find out what you need to do to fix your credit now. Then when you get the money needed to fix it you'll be ready to go. If you have a 620 or better score you will be able to access market rates for an FHA loan, you would qualify for a conventional loan as well but conventional loans but more emphasis on credit score there fore to receive more competitive rates you will want to have at least a 640 or 660 score. I hope this helps

We offer Fha @ 560 score with 10% down on $50,000+ loan amount, Unfortunately we are only in NJ but I'm sure you can contact Brian or other lender / broker on Lender 411 that can look at your credit and get deal done. Rates are VERY LOW even with the lower credit score and your mortgage balance is going to be very low so there will be little difference on a payment with 640 score or 570. GOOD LUCK!!!!

Hello, as the others mentioned you wouldn't like your interest rate.Where did you get your credit scores from? Online sites like Credit Karma & Credit Sesame, don't accurately reflect your credit scores. In other words your scores most probably will differ on an actual mortgage credit report. I offer Credit Restoration services. Please look at my profile for more information. Thank you;