The acceptability of a credit score depends on the lending institution and the type of loan you're pursuing. FHA hasn't had a minimum score for some time, but most FHA lenders require at least a 620 score. The FHA guidelines are changing and a minimum score is likely. Some lower credit scores are workable for select lenders dealing with higher risk loans. Their requirements at these lower scores might be more money needed for down payment or considerably higher interest rates (or both). I'm not a lender and may be missing something. I suggest you call Pam Mahon with Real Living Mortgage at 614-273-6366. She is an FHA expert and Real Living Mortgage has a joint venture with Wells Fargo Mortgage. They have many, many loan programs and lower credit scores can be improved over time if not accommodated immediately. I hope this helps. Call my office if you need additional resources or have other questions. 614-273-7735.
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You should speak with a mortgage professional and find out your current credit score. If you find items that have been reported in error, protest them with the credit reporting agencies to help improve your score. If you start now, you will be ready to buy as your credit score comes in allignment with the needs of the lenders to feel comfortable making the bet that you will be a good credit risk.