I have a 548 credit score, am i still eligible for low income mortgage?

I am qualified as a low income person and i applied on the maine housing authorities and i was eligible for their prequalifications.I have a 548 credit score, am i still eligible for low income mortgage?
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Ah, well, one of the things that started the current economic crises was the Federal government's demand (the Community Reinvestment Act) that forced banks to give mortgages to low income minorities who could never repay the loans. The idea, growing out of the civil rights movement in the late 60s, was that poor blacks and other low or no-income minorities had a virtual right to home ownership, and if the banks refused to give them a mortgage based on sound business practices it was deemed to be racial discrimination. The banks are not about to repeat the practice anytime soon; banks are still failing at a record rate, over 120 so far this year (only 3 banks failed in 2007). The financial crisis in this country is bad and getting worse, regardless of the bogus spin given to it by the Administration. With things in such bad shape even those with perfect credit, a very high credit score (in the high 700s) and a good job are finding it hard to get a loan.





All this means is your chances are just about zero.
In my area, I read that you can qualify for a HUD home loan with a score as low as 580 which is lower than I would have thought.





Now is a great time to buy a HUD Home you can purchase one with only $100 Down payment





HUD pays 3% closing cost and your credit score can be 580 or Above in most cases and you can borrow additional funds to do any repairs if needed and have the additional funds added to your monthly payment.
Your credit score has nothing to do with that. In order tobe qualified for loaw income you must not make a certain $$ per year. Your credit score simply tells if you pay on time, how many items you have but in yor case 548 it looks like you have some collection, judgements, late payment and other stuff. You might find youself in trouble buying a house with that score. IT IS TOO LOW right now. It also shows that you don't have a good repayment istory with other lenders so why would someone lend you for mortgage whith is ten of thousand.


Give time to youself and rebuild your credit before applying for the mortgage but I am sure you want the $8000 1st home buyers credit. You might get a mortgage with the highest interest possible. You will end paying $500000 on $100000 house. THINK ABOUT THAT.


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