can i buy a house with a credit score of 569?

ok so i want to buy a house however im tired of cleaning up my credit, i have a son and HE NEEDS SPACE!!!!!!!! my credit score is currently 569 and i am looking to do a rent to own for a year....Is this at all possible? I current live in Prince Georges County MD and i would like to stay in that area. i dont want a mortgage over 125K....

Public Comments

1. You may be eligible for an FHA loan with that score. Expect to make a 3.5% down payment plus another say 4-5,000 for closing costs. Have everything paid on time and up to date for the next 12 months.
2. My wife got a home loan here in California for $350k and she only has a 608. Our loan officer told us to pay down some of her credit so we paid down $10,000 worth of stuff and it only made her score go up to 618. We were very upset with her because she told us it would go up over 620 which is the standard to get a FHA loan right now. Luckily, somehow her bank (Guild Mortgage) still approved her for the loan with a 618 score. With a 569 score you should check with CountryWide or whatever they are called now. I know they got bought out by someone but check with them. They were going to give us a "sub-prime" loan two years ago with a 520 score. Good luck! Now is a great time to buy a house.
3. Look for a company that does manual underwriting, it is a way to obtain a mortgage without them checking your credit score. The lendor will underwrite a loan the old fashion way by looking into your work history, payment history (utility bills, rent), etc. You can do a rent to own, just need to find someone that is willing to get into a contract.
4. FHA only at this time.
5. Sorry but there is no way you can get a mortgage with this credit score. FHA requires at least 620.
6. To the poster who used Guild Mortgage, how was your experience with them? Currently have a loan in process with them and they seem to be taking quite a long time in underwriting.
7. In this day and time you will need at least a 620. With that said talk with a mortgage lender and let them advise you as to what you need to work on. You make also find someone that will self finance or a rent to own.
8. Listen, I am loan officer able to do loans in all 50 states and if I can only offer one piece of advice it would be this; The only place that would give you a loan with a low score would be the USDA and your score has to be a minimum of 580. Other than them, the only other loan you may qualify for is an fha loan and your minimum score would have to be 620. Now, of course you don't have to use my services but, I would still be happy to guide you in the right direction.