Trying to get a loan with 580ish credit

lkatrych · Joined: 18 Sep 2009 Posts: 1

I have a man renting to own my home, and his time is up. He has income tax returns provable income, 12 months of money order rent receipts to prove no late payments, and a 5% downpayment has been accrued. We are willing to concede closing costs as the sellers, but he needs a loan. His credit is only a 589 at this time. Can anyone get this loan done?

If this is possible, once the sale goes through my husband and I will aslo need a loan to purchase a home for our family. Are there any lenders that can get a loan like this financed with such low credit? I have been told 620 everywhere local, and was told to try on-line.

It is a single family home being sold for $189,900 and was appraised last year for $195,000 it is located in Cuyahoga Falls Ohio 44223.

Thanks

blegendary · Joined: 22 Sep 2009 Posts: 9

lkatrych wrote: I have a man renting to own my home, and his time is up. He has income tax returns provable income, 12 months of money order rent receipts to prove no late payments, and a 5% downpayment has been accrued. We are willing to concede closing costs as the sellers, but he needs a loan. His credit is only a 589 at this time. Can anyone get this loan done?

If this is possible, once the sale goes through my husband and I will aslo need a loan to purchase a home for our family. Are there any lenders that can get a loan like this financed with such low credit? I have been told 620 everywhere local, and was told to try on-line.

It is a single family home being sold for $189,900 and was appraised last year for $195,000 it is located in Cuyahoga Falls Ohio 44223.

Thanks

We have a sister company that does credit repair, which really helps in situations like this. Typically for one of my clients, I would refer you to get the credit up a bump, then submit the loan when the score improved.

Once that score shows a 620 average score, it'll be easy to get a loan.

Josh Harmatz · Joined: 08 Sep 2009 Posts: 18

It sounds like you should be able to find a company that can help you even though the credit score is 589. FHA is the way to go.