Hello. Your score is a bit low for most lenders guidelines. And shopping around will only hurt your scores even more. You may want to take a closer look at your credit report(s) and determine what negatives if any are impacting your score(s). Also remember that revolving tradelines make up a majority of your credit score and without any you are missing out. If you don't have a revolving trade reporting you may want to open a secured credit card and only use the card for gasoline purchases. Within a couple of months the positive reporting will boost your scores dramatically. Putting you above the 600's. Just remember that you will need to keep 45% of the credit line available. A good secured card that reports to the bureaus is Bank of America and Orchard Bank. Secured visas work with your initial deposit. Some require a minimum of $250-$300 therefore this amount will be your available credit line. Do not use more that 45% of the available line. Best of Luck. Christina of Everlasting Credit Repair.... more
You can start by checking your credit report and score. you can visit www.myfreeannualcreditreport or www.karma.com to get a free report, review it and dispute any discrepances with the three different credit bureaus, if you have one. If everything look fine, start shopping for a mortgage broker, they have access to many banks or private lenders with many different options.
Best of Luck,
Maria E. Cipollone
You will need a 640 credit score for a FHA loan with most lenders now days. Kentucky Housing or KHC, USDA, FHA, all require a 640 score. VA will go down to a 620 score if you have been removed from bankruptcy from last two years or foreclosure 3 years.
You can read more about FHA loans in Kentucky about my website below:
Joel Lobb (NMLS#57916)
Senior Loan Officer
Credit scores are a funny thing. It's not always easy to tell what a particular action will do to your credit score, but generally, paying off a debt is a good thing. It should help with your being able to get financing for a home, and in most cases, it should improve your score. Understand that changes in your score don't happen quickly. Talk with your lender, and get some counseling about any specific debt.