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buying a home??

I know the housing market isnt doing so well right now but I was curious if anyone knew how difficult it would be to get a mortgage loan with a pretty low credit score. We will have $ 10000 for a down payment but our credit score is in the low 600s. We are also first time home buyers.

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Anonymous

Asked by Anonymous at 1:53 PM on Jul. 9, 2009 in Money & Work

Answers (3)
  • That is perfect to buy right now, as long as your credit score is in the 600s your fine and 10,000 as a down payment is great, plus you get specials for being a first time buyer. We're doing the same but our down payment is really low but we're buying a house for only $100k so we're good. Anyways, it will not be hard at all for you as long as your renting history is good!!
    Anonymous

    Answer by Anonymous at 1:56 PM on Jul. 9, 2009

  • Look into FHA

    http://www.hud.gov/

    NO lates in the last 12 months, open collections, I believe.
    mamakirs

    Answer by mamakirs at 2:06 PM on Jul. 9, 2009

  • FHA will go down to 580 credit score...I believe the cut off for most other lenders is 620 as long as you are under the 80% loan to value. If you have more questions shoot me an email and I will get you some more information..
    mamakirs

    Answer by mamakirs at 2:08 PM on Jul. 9, 2009

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