Can i get a 1ts time home buyers loan with a credit score of 540?

i am self employed make 37 k per year increasing by 5- 10 k every year. i have a school loan in rehabilitation and it is 4k and thats it. plus a few small collections on my report.

Can i get a 1ts time home buyers loan with a credit score of 540?

Speaking as a nationally know credit score and lending expert (book, rado shows, newspaper columns, etc.):

Did you get your credit scores from an on-line service or a mortgage lender. The scores are very different, higher or lower!

That is too low of a score for a 100% loan, period. Sub-prime lenders now require 580 or 600 or 620 for 100% financing, depending on lender.

Fannie Mae%26#039;s %26quot;Flex 100%26quot; program may approve you on their computer underwriting now especially if you have a retirement account or cash reserves or stock/bonds saved.

Your self-employment is also a HUGE mortgage lending issue. Almost every lending company requires 2 years in business with various forms of proof of that being acceptable.

FHA lending is a small possibility. I have not been involved in that for years. They were recently in the news as possibly offering 100% financing but had always been 97%. FHA does not underwrite loans on scores. One year perfect credit and one year paying your rent (WITH PROOF--not money orders or cash or a letter from the landlord) are what makes FHA fly. 12 months on-time rent would be cancelled checks or a letter from a professional property managment company--or it showing on 12 bank statements in a row.

Mortgage lending is about 250X more complex than people think--it is NOT only about scores.

Can i get a 1ts time home buyers loan with a credit score of 540?

There are lots of programs out there; you could also likely get an 80/20 loan with a %26quot;seller 2nd%26quot; that might be forgiven at closing if you find the right house/seller. You need to get a good loan officer working for you right away. I recommend viewing the free evaluation form at

www.totaldebtsolutionsllc.com

They have a nationwide network of loan officers that they deal with who can likely get you into that home.