I want to buy a home but I'm farely new at my job & my credit score is 600 to 615, will I still be able to purchase a home or get approved

Asked by Sugaroe55, Compton, CA Wed Jun 1, 2011

for a loan? a home loan???

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Dan Tabit, Agent, Issaquah, WA
Thu Jun 2, 2011
Sugaroe55,
It really depends on the current job and your previous jobs or education. I would start however by getting a copy of your credit report from Experian, Transunion and Equifax and see why your scores are low. You are entitled to one copy from each once a year. There are a number of things you can do to improve your scores which increase the likelihood of approval and improve your rate. You can dispute derogatory reports and pay credit cards balances down to 1/3 of their limit. Do not close any old accounts; this will lower your scores even more.
Your current scores would be acceptable to many FHA lenders; Wells Fargo is currently offering the lowest score options I'm aware of.
Best of luck.
1 vote
Scott Godzyk, Agent, Manchester, NH
Thu Jun 2, 2011
The only person that will truely know is a loan officer, anyone else would be guessing without looking at your credit score plus fiancials. your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know what mortgage programs you may quailify for.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…

Please see my blog for a list of tips and advice on getting amortgage
Web Reference:  http://www.ScottSellsNH.com
0 votes
Janet & Grah…, Agent, Tulsa, OK
Thu Jun 2, 2011
It must be remembered, the lower your score and work or credit history, will be reflected in the % rate of any mortgage, if you have success in obtaining one.
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