Tomeka,

The qualifications for approval of a mortgage can, and do, vary from lender to lender. A reputable lender should be able to review your credit information and discuss options with you. Although purchasing a home now with a 520 credit score may not be an option, the lender should be able to guide you and advise you as to what you may be able to do to improve your credit, so that purchasing in the future is an option. Call a local lender, it's simple and painless, and discuss with them what it is that you wish to purchase (you may want to involve a Realtor for discussion about the home you're interested in). Work together with your lender towards the common goal of getting you into your new home. Best of luck.

Difficult to state contact a mortgage broker who will request you to complete an online application, employment history, financial review, credit scores, debt ratio.

520 credit score more than likely you would need increase your scores by either lowering your credit card balances, never close an account lower your scores, paying bills on time, working on any collection items.

Purchase a home MIGHT require approx. 3.5% or more downpayment.

All is unknown unless you speak with loan officer direct.

Owning a home you receive annual tax benefits.

Dallas Real Estate Agent – Lynn911