Anonymous asked in Business & FinanceCredit · 1 decade ago

Can I qualify for a home loan with a low credit score?

My husband and and I are ready to buy a home for the first time. We have all of our debt paid off with the exception of a truck loan and student loan debt. My employer is paying off my student loans over a 5 year period and I have four more years to go until those are completely paid. We make $96,000.00/year and have credit scores in the low to mid 600's (Stupid mistakes from younger years). We are looking to buy a house for around $290,000 and have 3.5% down.

I am wondering if it will be possible for us to qualify for a home loan with this credit score and what the interest rate would be if we were to do this right now?

Thanks for your help in advance!

6 Answers

  • 1 decade ago
    Best Answer

    Get an online auto loan quote. The questionairre will let you know if you can be approved. It's free and you can get an answer in minutes.

  • 3 years ago

    maximum lenders won't insure loans with a 580 or decrease credit. you're waiting to get an FHA very own loan with a decrease score, yet you could no longer have recent collections or a foreclosures in the previous 3 years. It incredibly relies upon on how plenty money you ought to positioned down and how plenty reserves you have.

  • Anonymous
    6 years ago

    You will find very useful this site for finding the best option for you CREDIT-SOLUTIONS.INFO

  • 1 decade ago

    Wait and set aside more for your downpayment. Mortgage loans are have pretty strict requirements. If your score was 660, you'd still need a much larger down payment and you wouldn't get a decent rate.

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  • Anonymous
    1 decade ago

    i think now they want you to have a 20 percent down payment . I would try to get a FHA loan though .

  • 5 years ago

    Get free rates

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