USA Finance

May 29 2017

Home Buying: Can I buy a house about $20, 000 with bad credit? Trulia Voices


#buy a house with bad credit
#

Answers

You can buy it, but you would have to pay cash. You will not be able to get a mortgage.

BEST ANSWER

Rodney Mason. Mortgage Broker Or Lender, Atlanta, GA

That does not sound like a winning combination. At Prospect Mortgage, we do not have a minimum loan amount, except for renovation mortgages. All Renovation Mortgages do require a $50K minimum loan amount. While other loan programs do not have a set minimum loan amount, all mortgages must pass the various Federal and State fee compliance tests for predatory lending. Generally, loan amounts under the lower $30K s will not pass those required tests.

For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Regards,

Rodney Mason, NMLS #151088

Sr Loan Officer

Prospect Mortgage

825 Juniper St NE, Atlanta, GA 30308


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