Can i buy a $120K house with 10k down & 580 credit score?

I have a stable job & can give 10k down with 580 score.

Will anyone give me the home loan?

Maybe if i buy a foreclosure easier?

I am tired of renting!

6 Answers

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  • ?
    Lv 7
    9 years ago
    Best Answer

    No you cannot. FHA mortgage requires you have a minimum score of 620. Clean up your credit first

  • 9 years ago

    Not a chance until you get your credit scores up to around 650. It makes no difference if you buy a foreclosed property or another. The requirements for a mortgage loan are exactly the same. You need to raise your credit scores considerably before you even take the time to investigate a mortgage loan. That being said, seek some help in working on the credit score. There MAY be some incorrect/outdated information which is weakening your score.

  • belue
    Lv 4
    3 years ago

    you're maximum suitable, 580 is a low credit score. inspite of $20-$30K to apply as a down charge you probable won't qualify. yet to start up the technique you will could desire to fulfill with a lender ( monetary employer,credit union) to get the place of work work began regardless. which will a thank you to make certain in case you may proceed in procuring a house

  • Anonymous
    9 years ago

    doubtful you will get a mortgage anywhere with less than a 620 score and even then, it won't be anywhere near 4.5-5% - more like 6+

    you would also need annual income of $40-50,000, and low debt levels

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  • 9 years ago

    Nope, you have to get your credit score up to 620.

  • Anonymous
    9 years ago

    No chance

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