Here are also 10 tips for improving credit here: http://www.trulia.com/blog/dfisher/2011/08/ten_tips_for_repa . I also suggest that you review the Trulia Blog "I have bad credit and no savings. Can I get a home or am I stuck renting?" (link below) If you meet this criteria, you can often get a loan. There are also several options for special financing and first time home buyer down payment assistance programs. Depending on your circumstances, you may be able to purchase sooner than you think. A brief phone conversation would fairly quickly get to the bottom of things and give you the direction you need. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
NMLS # 6395
Financing Kentucky One Home at a Time
Of course as others have mentioned, consult with a loan officer as well.
Start on the path to good credit. Pay your bills promptly (even if it's just the minimum amount)... in fact, pay them early. Be consistent. Don't open new credit, no new gas cards, no department stores, no nuthin'.
It may take a while, but your credit will improve slowly.
I know you'll get the career and I know you'll get the home. Never stop, never stop, never stop trying!!!
Wells Fargo Home Mortgage
That is a good question. You need to talk to a mortgage consultant that can tell you what appears on your credit and what you need to do to qualify for a mortgage. generally, I work with a lender that if your middle credit score of the three credit bureaus is at least a 600 he possibly can get you qualified for an FHA loan with 3.5% down.
the catch to this is your student loans. I recently had someone that met hte credit criteria and income fell in line with the price point fo the house they wanted to buy...However; they were delinquent on their student loans and the mortgage broekr told them that they had to get them current and the student loans had to be current of at least 6 months to qualify for an FHA mortgage.
If you want an honest answer give the mrotgage broker I use Chris Ayer a call. his cell phone number si 704-771-3954. If he cannot qualify you he will at least tell you what you need to do to qualify and how long it may take.
Coldwell Banker United