Gracie,

With a 515 score, my advice to you would be to work on raising your credit score to put you in a better position to purchase a home at a good interest rate. Be careful working with lenders that say they can approve individuals with 500 credit scores. They most likely have overlays (additional conditions that are needed to approve the loan.). These overlays could include but not limited to no late payments within the last 12 months, larger downpayments, larger amount of money in reserves, low debt to income ratio..... If you want to get advice on how to better raise your credit score as quickly as possible, get with a mortgage lender and have them review your credit report with you. They should be able to give you some direction on what needs to be done.

Good Luck and if you have any qeustions on the process please contact me at the below phone/email.

Sincerely,

Nick Nelson
NMLS #384413
1st Step Mortgage Group
6876 Spring Creek Rd. Suite 124
Rockford, IL. 61114
Phone: 815-289-0880
Email: nickn@1stepmortgage.com

Hi Gracie,

It's possible Wells Fargo will do it. Call Mary McElree @ Wells Fargo 312-274-4139.

Good luck!

I doubt it. I would call up a few of them and have them put you on credit repair program.

A lender would gamble that you will pay the mortgage with all of the bad payers and foreclosures. Crazy.

No you will need a minimum credit score of 620 . Your best option is to buy in cash with that 10k or use that 10k to fix your credit . Please let me know if you need any assistance in this matter . I can be reached by email at Diana@findingourbalance.com or 708 925 4076

Try this group, the process can be long and tedious but, if you get to the end is well worth the work. Let me know what happens.

While NACA provides everyone with mortgage options, NACA also provides one extraordinary mortgage product. The NACA mortgage is unique in that everyone receives the same incredible terms which makes homeownership affordable and you do not need perfect credit.

No downpayment,
No closing costs,
No fees,
Fixed 30 year below market rate at 4% (as of 2/22/2012).

https://www.nacalynx.com/nacaWeb/purchase/purchaseProgram.as…

Traditional lenders can’t go that low on credit scores. But that actually works in your favor, the credit score is a probability that you will/can pay back the loan. No use making your troubles worse.

Some of the info in a recent post may help, see the link below. Good luck,

Not possible now.

Work on improving your credit and build up your cash position.

You may want to check with Wells Fargo. Sometimes they will do as low as 500 with a 10% down payment.