It really depends on what your credit looks like. If there are errors due to theft, they can be fixed and the corrections would likely help your score. You need a good mortgage professional to take a look at your credit and see what is b3eing reported on each account, as well as find out what your scores are. That is your best starting point on the path to purchasing a home.
Almost all creditors create their own sets of guidelines for giving out credit. A good credit score means you qualify for a competitive interest rate on home loans, car loans or any other loan. It also means your creditworthiness to banks, insurance companies, and other money lenders. A good credit score helps you save on interest expenses. This money can be use towards your post retirement plans.
How Does A Low Credit Score Impact Your Credit?
A bad credit score or poor credit history harmfully affects a lot more than just your credit.
It negatively impacts your credit report.
You may fail to qualify for credit cards.
You are most likely to be turned down for big purchase loans.
You might have restricted credit lines.
You might be subjected to higher interest rates, insurance premiums, utility costs, etc.
You can lose potential job opportunities.
It costs you on your mortgage.
Your pocketbook may also be hit hard.
If you already are a home owner or a new home buyer, improving your FICO score is the most critical step. In addition to saving you money with lower payments, a good score can mean a bigger and better house, the chance to take out more money on a refinance, or even the difference between being able to buy a home.
Contact a local loan officer and ask them to work up a pre-approval for you to see what/if you're eligible to obtain a decent loan.