Home Buying in 45102>Question Details

Barrftbll79, Home Buyer in Amelia, OH

i have 5 credit cards car loan and a school loan credit score 516 check perodically, how do i go about buying a place for first time

Asked by Barrftbll79, Amelia, OH Mon Aug 9, 2010

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With such a low credit score, you are not in a position right now to buy a home. You either have unpaid bills or bills that are in collection so not sure how you plan to be able to handle a mortgage. Rent a few years, pay your bills on time and then begin thinking about buying a house.
0 votes Thank Flag Link Tue Aug 10, 2010
Although there are some lenders that will lend with a 580 credit score, most require a 620. I work with a local lender that offers credit repair to their clients to help remove negative credit and improve scores. Give me a call so I can pass the referral along to you. Bryan Smith 513-509-3259.
0 votes Thank Flag Link Tue Aug 10, 2010
You need to bring your credit score up. You may have to pay off some of your debt to also to qualify for a home loan. If you want to you can contact me. I have a local lender that will be happy to advise you on the best way to build your credit score and give you a time frame on how long she thinks it will take you under the current guidelines to be able to purchase a home.
0 votes Thank Flag Link Tue Aug 10, 2010
You will need to first start out by contacting a Lender to see at what you qualify for. They will check your debt/income ratio and even give you advice on how to raise your credit score.

Best of Luck!!
0 votes Thank Flag Link Mon Aug 9, 2010
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