How to get approved for an FHA loan with a credit score below 580?
My credit score is 514, but I've been paying my rent on time/early for many years. I live in Massachusetts and I need a loan to apply for a housing lottery on a house which is 168,000 dollars. I need a 3% down payment. I can't give up hope; Is there a way to get a loan for this?
- Calvin CLv 77 years agoFavorite Answer
it is called you should have worked at achieving credit before you needed it. No lender will touch you at that level you earned bad credit and have to live with it.
- ReenaLv 77 years ago
The down payment can not be financed. The idea is for you to save up that money and the bank will need to see prove that this money was put aside by you over time.
A 514 credit means you do not qualify. Paying your rent on time is not recorded on your credit report.
You will need to save up money, get a secured credit card, use that sparingly and always pay off in full and you need to save up the 3% down payment.
These things don't happen over night. You may not be ready for this years housing lottery but with determination and time .... you might be able to get your credit score up and the money together within the next 2 or 3 years.
- David14Lv 77 years ago
Bahahahahahahahahahaha. Have you lived under a rock the last 4 years? 514? 3% down?
Dude, wake up. Never going to happen. Ever.
- Anonymous7 years ago
Usually rent payments are not reported to the credit bureau unless you defaulted. Borrow from a family member.Source(s): Retired bill collector 35 years