Are there any mortgages available for someone with a FICO score of 525?

I am recently divorced with two teenage sons. I have issues with my credit obviously but have been working on it to get the score higher. I just need to know if I am wasting my time even looking for a way to get a home loan at this point or just keep renting for the rest of my life. Unfortunately even renting is difficult with poor credit.Are there any mortgages available for someone with a FICO score of 525?
There are some companies out there that will work with you. You would probably have to deal with a higher interest rate, but beware of mortgage companies that don't appear ruffled by your score. These companies are only after your $$.


You might want to consider a couple of ideas for credit. 1. Go to your bank (hopefully you have a checking account) and ask them for a $500 loan. Pay it off timely. This will immediately improve your credit. 2. Go though your credit cards. Be aware that your score is in jeopardy if you open any new accounts, close too many accounts at once, or have too many inquiries withing a period of time. The best thing is to pay off a card and close it, then work on the next card and close it too. To pay of credit cards the fastest, choose the ';stacking method';. You can google this if you've not heard of it. Good Luck!Are there any mortgages available for someone with a FICO score of 525?
In today's market, you may be able to find a real estate agent who has someone who will take back the mortgage on the home for five years because they have been unable to sell it. You will have to save up during that time to have a down payment for refinancing it and you will have to get your credit in shape. Go to a real estate agent and discuss it with them.
best to crawl before you walk. you don't have to rent forever but you need to build up to a house. buying is different, you have to buy everything. i know everyone at my local lowes on a first name basis i'm there so much. so build up your credit first and then you can move on to bigger and better things. one thing at a time.
Right now with the subprime crash most lenders are requiring a score of at least 600 if you need help repairing you credit Lexington Law firm(not sure of their website) which cost approx. $99.00 to start or you can do it yourself which takes some time and determination.
Its possible. Banks would probably want a down payment no doubt about it. Probably around 20-25% Lenders will usually work with you. But don't count on getting something with no downpayment.