Financing in 35150>Question Details

Paul, Home Buyer in Lakewood, WA

Can I get a home loan with a less than 500 credit score if I have 20K to put down? Please email me at paulmurray1108@gmail.com if you have an answer

Asked by Paul, Lakewood, WA Tue Oct 5, 2010

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Hi Paul,

You might be able to qualify for an FHA mortgage with a low credit score of 620 but it will cost you more money each month. Mortgage products don’t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.

Hannah Fliegel, FICO Pro
The Credit Repair Expert
415-999-9348

http://www.HowDoYouScore.com
0 votes Thank Flag Link Wed Oct 6, 2010
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