How can I get a mortgage in Florida with all this stuff happening?

I am 25 years old. My FICO score averages 425. I have 2 judgements on my credit. I make $139,000 and the home I want to purchase is in the 500,000 - 575,000 price range. I have $50,000 to put down. Any suggestions on what to do?

Public Comments

  1. Don't get a mortgage until your FICO is in the 650 range. The low FICO makes you vulnerable to every bit of trouble in the mortgage industry. You should get a 15-yr fixed rate mortgage and put 5-10% (at least) as a down payment. Try to cut corners or buy mor than this formula permits and you are at extreme risk. The other plan would be to buy a much more modest home where your $50k downpayment would eliminate most of the lender's risk. That plan should entitle you to a very low interest rate. Make sure it is a 15-yr fixed, though. Your current FICO score will elimante options and choices. Playing by conservative financial rules will help you push the score up.
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