You may be able to but you also may be able to do a few things that could help you get your scores up to a 620 or 640 in the next 60 days or so. It really depends on what has caused your scores to be so low. Did they happen recently or a while back? There are so many things to look at and consider. Please feel free to give me a call if you would like to discuss. I have helped many clients improve their credit scores in as short an amount of time as possible. I also live in Cedar Park and focus on the Cedar Park and Leander areas for my real estate business.
If you go back and search you can see my advice on how to improve your credit. I have answered this question quite a few times. Call me if you want to see how fast you can qualify to buy a home.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
Team West Real Estate
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
when purchasing you also have to have two years working in the same industry. This is an example of other criteria needed in order to qualify and income earned and amount of debt are other factors which will determine how much of a home you can afford.
If you have any other questions or need help finding a great lender you can call me.