Credit Score = 500

Kim P
Kim P
Home Buyer
Lansing, MI

IS there any type of loan I can get with this score? Without having to pay too much per month?
I've been working on my credit, and know it will go up more in another year, but wanted to know if anyone had any advice or if there was anything I could do to get a mortgage now? THANKS! :)

Wed Jul 29 2009, 15:01 - Home Buying in 48879 - 2 answers
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Kevin
Kevin
Other/Just Looking
Texas City, TX

you cannot get a mortgage loan with a score of 500. you should improve your credit score... For FHA loan min. score required is 620 and for conventional loans you need min. credit score above 650.

For more information, you can visit:

Web Reference: http://www.eaglenationwidemortgagetx.com/
Thu Jul 30 2009, 00:47
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Bill Eckler-Flo...
Bill Eckler-Flo...
Agent
Venice, FL
FIRST ANSWER

Kim,

It appears your options are limited to spending considerable energy improving your credit score. Some buyers in similar situations are considering a lease purchase approach. Ask your agent for details on this inititive.

Good luck

Wed Jul 29 2009, 17:39
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