my credit score is 506

Asked by Kelly, Memphis, TN Thu Jun 18, 2009

my credit score is 506 i've been at my job for over 3 years. how hard will it be for me to get a home loan around or about 65,000?

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Julia Odom, Agent, Cleveland, TN
Thu Jun 18, 2009
Gerald's advice to speak with a local lender is probably best. Having said that, in this lending climate you are going to have difficulty finding a loan program that will accept your credit score.

The good news is that it is often relatively easy to raise your score by 100 points or more within a shorter time than you might think. Check out my link below for more information about easy, legal, and FREE ways to do this.
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Gerald Willi…, Agent, Germantown, TN
Thu Jun 18, 2009

That is a difficlut question to answer. The credit score is one part of the equation but the loan to value ratio is also an important part. Most conventional loans will require a 20% down payment There are other programs that could reduce the down payment requirment but you and the property would have additional requirements. The real point is that this is not a simple question.

My recommendation is that you contact a local mortgage company and review your situation and the property you are considering. They can give you the best guidance.

Gerald Williams
Affiliate Broker
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
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