Can I get approved for a Home Loan with 600 Credit Score?
Is it possible to get approved for a home loan with a 600 Credit Score. My score should go up soon as I am paying off things and getting much removed. Any info would be appreciative.
- Anonymous8 years agoBest Answer
I would work on getting as much as possible paid off first and then see wht your score looks like. Based on how much you make, you could get a home loan but your interest rate would be through the roof right nowSource(s): I was previously looking at purchasing a home
- AlexanderLv 58 years ago
Mortgage lenders WILL NOT approve a score below 640. 640-680 is known as subprime and you will pay a higher interest rate. 680 and above is prime and you want to be in that range to buy a house.
Paying off old debt will not effect your score. Getting negative items removed will but if they're older than 4 years they may not pop you up over 640.
If you're not sure about your credit score and how it will be effected, check out the following websites for free information.Source(s): www.creditkarma.com www.annualcreditreport.com www.mint.com www.myfico.com - this ones only free if you sign up for the free over and cancel. This is the only free way to see your real fico score for free.
- bdancer222Lv 78 years ago
You need a minimum 620 FICO for FHA but to actually get approved, you will probably need 640. You also need clean credit reports -- all derogatory items resolved.
Be careful disputing valid items. Even if you do managed to get something removed, it is likely to return when the creditor updates or the debt is sold to another collection agency. Mortgage lenders pull credit reports several times, including right before closing.Source(s): BD
- 8 years ago
It may seem complicated, but it is really not that bad once you realize a few details. Items that are not true:
1. all debt is good debt
2. filing bankruptcy hurts credit
3. terminating accounts increases credit
4. credit after debt is extremely difficult
be carefulSource(s): my experience
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- MadManLv 78 years ago
No. And it takes months for your credit score to rise. And if you had defaults on your record, it will take even longer as the damage is done.
- Anonymous8 years ago
The fastest way to raise your credit score is to pay down your debt. I know this by experience.Source(s): Age 20; EQ: 754, TU: 766