FHA Lending can finance a loan with a 620 Credit Score! As a Licensed Agent, I work with lots of qualified Loan Officers!
You should get your FREE credit report once a year and make sure its correct. Dispute incorrect items. That can improve your score too!
Loan Officers can explain in deeper detail all of your options.
If you can't purchase now, then definitely in 6 months to 12 months.
To get your credit in the best shape will result in lower Interest Rates!
I specialize in first time Buyers.
Please contact me in the near future to discuss your options!
Liberty Bell Real Estate
Direct Phone: 215-237-4147
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
You may be a matter of days from being eligible and you may be many months. The difference will be your exact credit issues and the availabiity of funds to correct them. If you have collection accounts or charge offs totalling over $1,000 they will need to be paid. If you have credit card balances you should pay them down to a level recommeded by your loan officer.
Some loan officers have "what if" software that can determine exactly what you need to do to get the score you need. The credit score that you need will depend in part on your debt to income ratio. Tht DTI is the percentage of your gross income that will be spent on your mortgage and the other items on your credit report. If your DTI will be below 43% you may be able to qualify with a 580 score. If your DTI is higher you will need at least a 620.
Best of luck.
AnnieMac Home Mortgage