How can I get a mortgage with a 480 credit score?

I have an average 480 credit score but a local lender told me I needed at least a 580 to qualify for a FHA loan (1st time buyer/low down pmt). My boyfriend (co-borrower) has a 700+ credit score and they still wouldn't loan us the money. Our income is decent and I have started cleaning up my deliquent accounts, what can I do to get into a house now?

Public Comments

1. Don't! Wait until you have cleaned up your credit and have at least $15,000 in savings! You will save a small fortune in interest if you do. Good luck.
2. you can work on getting a better credit score which will take many years or you could have your boyfriend buy the house himself which is rreally risky for him. you kinda screwed yourself. credit is very important for buying a house and when you have really bad credit like you do the chances of you owning your own house are slim to none
3. It might matter that you aren't married. It might matter what your income is and where you are employed. There are other things, but I suggest you seek another lender. Request the reason in writing so that you can move in the right direction. You might need a co-signer. That's all I can think of.
4. I completely agree with kissthemforme.....My husband and I have just gotten our credit back up in the low 600's but we still need more in savings. The market is great for buyers but you still have time! Be patient it will happen....Good luck!
5. Really doesn't sound like buying a home is a good idea for you right now. Even if you CAN get a loan, the interest rate will be through the roof. I would suggest renting for a while until you can get your credit cleaned up. Or, let your boyfriend buy the house by himself. Don't bother co-signing, because it won't matter - if your name is anywhere on the loan you're basically screwed.
6. You should not get one until your score is at least 620. For information and great credit improvement tips, check here: http://www.bills.com/credit/.
7. Look for a mortgage lender that does manual underwriting. They'll verify that you pay bills on time and have a job. I wouldn't get one unless you have a 3-6month savings for emergency, at least 20% down payment and you have current debt payed off.
8. A 480 just about rules you out. You'll have to do some credit rebuilding first.
9. Mortgage is one of the finance option provides facilities for the customer to buy the house or property. Normally the mortgage is provided by the banks and other financial companies and institutions for the home and other property loan. Some mortgage companies are also working in USA to give mortgage facilities where you can get the proper-information and advice as per your need. There are various types of<!--condition apply while you are purchasing the home through mortgage. Monthly payment against the mortgage facilities are based on many factors, considering all the factors and general rules the average of the monthly payment is around 25 to 33 percent of the gross income of loan holder. http://mortgages-finance.awardspace.com/ The repayment period of the mortgage of the home loan would be 5, 10, 15, 20 and maximum 25 years. While the repayment period for the commercial property would be normally of 20 years for new property and 15 years for old property. The mortgage company gives flexible option for the repayment of loan as well as in the time-->period that are suitable to the customers. You can select the repayment period depending on your ability after discussing with mortgage consultant. The mortgage application is properly scrutinized by the mortgage company with related documentation.
10. yes you have a decent credit score so its possible for you to get a loan.don't worry its better for you to try for an online loan.i think that the below website will help you to find right solution.
11. 480 is way too low for mortgage... You can use credit repair agency to fix your credit - for example this one - http://creditreport.fateback.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast. After credit repair you can get the loan with minimal interest rate.
12. If you want the best possible rate and terms, it's a simple formula... "Higher is better". Even with FHA! Also, try to remember, when you pull your own credit reports, the scores you get may be vastly different from the scores a lender might get. There are several different scoring methods out there, all of them different. Your best bet is to try a consumer-based report (the inquiry doesn't hurt your score) as offered by one of the vendors on this site... http://www.creditgecko.com/creditreports.html There's a MyFico program that is perhaps a little more expensive than many of the alternatives, but it is typically closest to the actual scores you might see if you pull a lender's report. If you have outdated, erroneous, or false information on your credit reports, even if you don't think it's hurting you that much, try... http://www.omegacreditrepair.com They are inexpensive, honest, and extremely successful at what they do... Also, don't forget, there's a tremendous value to keeping the balances low on any revolving (credit card) accounts. Reducing those balances can be of significant value in maximizing your credit score. If you don't have any revolving accounts, you might try getting a secured or poor credit card from http://www.creditgecko.com/creditcards.html Just be sure to keep the balance low, and make timely payments! I hope this helps!