Home Buying in Clarksville>Question Details

Mrileyoct1, Home Buyer in Clarksville, IN

Can you get home loan in Indiana with score below 600?

Asked by Mrileyoct1, Clarksville, IN Sun May 15, 2011

Looking to buy a home that is well below apraised value. Problem is never really had any credit (no car loans, credit cards or anything) Have just taken 2 credit cards out and keep the balances beloew 15% on them and have never been late. However there were a few things that had been turned into collections which I have paid off in full and they have been updated on my credit. Still my score is not above 600 so I was sent to a credit repair guy. He gave me letters to mail out and told me to open up another line of credit which I did. Not sure if this was a scam or not. As it stands I have 1 score above 600 but have been told that I need 2 scores of 600 to quailify for a loan. I know that I may pay more for intrest but if I could just get approved and then let my nimbers keep going up then I could refinace. Is there any help out there?

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Yes lenders are able to go down to a 580 credit score for FHA loans. They are not always easy to find but we have a few that we work with I can refer you to. Please email or go to our website if you need any help.
0 votes Thank Flag Link Tue Aug 20, 2013
you have to have at least a 620 credit score over all on the 3 credit score break down
0 votes Thank Flag Link Thu Jan 31, 2013
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