I have a house in mind in a historic district for 69,000. If I put 20,000 down, can I get a mortgage with a credit score of 533?

I would recommend that you speak with a local mortgage loan originator, as much more information is needed to help determine if you qualify.

I second the recommendation you find a knowledgeable mortgage broker/bankerin your area who does loans with credit scores of 500 or higher. When I qualified borrowers who had below 580 mid credit score, I discovered my mortgage company at the time would not allow for one late payment showing on the creditreport in the past 12 months. I discovered someone in CA where I do mortgage loans, who actually allowed for one 30 day late payment in 12 months if showing other strengths. There are very few brokers/lenders allowing for a mid fico score below 580 and you will want to get qualified with one of them. 10% is the minimum down payment with the credit score you mention, and it appears you have that part!

Much more info needed, but in reality.. NO.. But more specifically... to have a credit score as low as 533, you must have some pretty sever-negative items showing.. so the real question is, Why? Why is your score so low? BK? Short Sale? Unpaid student loans or unpaid taxes? Charge off's? Judgments?, etc.. You could have a 750 credit score, yet with one of these deficiencies, you still might be denied.. Lenders analyze over 100 different things when determining one's eligibility, with the credit scores being just one item.. That being said, credit scores are a good indicator of the credit worthiness of a borrower. and there are no lenders out there that will lend to anyone who has a proven track record of not taking credit responsibly. There might be a private lender (Hard Money) lender who might be willing to take a chance, but they will most definitely want close to 50% down, and expect the rates and fees to be very high.. If you have any desire to ever own a home, you need to get your credit fixed up first.. 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

Every lender has their own credit score guidelines but most require minimum FICO scores between 580-620 to qualify. I regularly help borrower's with some credit issues so feel free to go to www.homeloansbyed.com for credit tips and my contact information if you would like more information.