Home Buying in Speedwell>Question Details

Jessica, Home Buyer in Speedwell, TN

my lowest credit score is 527 and my high is 587 would i be able to buy a home with a loan

Asked by Jessica, Speedwell, TN Wed Jun 22, 2011

I am tired of renting and moving from house to house, I have a child now and am looking to buy a home. am i wasting my time, what should i do if i cant get approved? i would like to get a house in the speedwell area with at least 3 bedrooms and two baths.

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The answer is "maybe".
Your credit score does not disqualify you from getting a mortgage, but the reasons behind the low score may. Recent collections, late payments, charge-offs, bankruptcy or foreclosure are all possible reasons you could be denied a mortgage even if your score is technically high enough.

Your first move is to see a licensed loan officer in your state so they can look at your complete financial profile and advise you on what you need to do to get approved.
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1 vote Thank Flag Link Wed Jun 22, 2011
Jessica, Your best answer to your financial ability to buy a home is with a local lender. Let them do a pre-qaulification of your financial standing to determine if and how much of a loan is possible. Those credit scores are low, but you never know what programs might be available for you. Good luck.
0 votes Thank Flag Link Wed Jun 22, 2011
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