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!
- 1 decade agoBest Answer
Get an online auto loan quote. http://www.americaschoicetoday.com/Auto-Loans.html The questionairre will let you know if you can be approved. It's free and you can get an answer in minutes.
- kmiecikLv 43 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.
- Anonymous6 years ago
You will find very useful this site for finding the best option for you CREDIT-SOLUTIONS.INFO
- bdancer222Lv 71 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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- Anonymous1 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
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