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GINA NICHOLS
2 months ago
Is it possible to have a low credit score and still buy a home? We are planning to buy a home in the next year or two. The goal is to pay off all credit cards and everything on the credit report. The only loan we will still have is a car loan 13k. Our scores are low so it will be hard to get up to high 500's or 600's. We will attempt to have 6-7k down. Household income around 70k with one payment of $400 for car loan. Is this journey possible to get a home?
Thank you!
 
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Best Expert Answer
Joe Wallace... Answered 301 more questions
2 months ago
You may find that most lenders are looking for FICO score minimums in the mid-600s. Your best bet may be to contact the FHA at their toll-free number (1-800 CALL FHA) and request a referral to a local, HUD-approved housing counselor who can help with advice on pre-purchase planning issues like these to see what can be done to make you as ready as possible for a home loan application.
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GINA NICHOLS
2 months ago
Thank you very much for the information! I will contact them and look at your blog as well. The goal is to get out of debt before obtaining a house. Thanks again!
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Ryan Teodoro... Asked 1 more question
2 years ago
I was wondering if a score of 800 was good enough to secure a loan, and if so, what kind of APR can I expect?
I was wondering if a score of 800 was good enough to secure a loan, and if so, what kind of APR can I expect?
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Mercy Croft
4 months ago
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion 664 and equifax 670. I have no other credit cards or financing of any kind. The only alternative credit line I have would be my electric bill. All other bills are in my daughters name. I don't even have things like a gym membership or netflix account, so the only alternative credit line period is my electric bill. I have no debts on my credit history.

Does it sound like I can qualify, for either a FHA or USDA loan?
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion... (more)
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Galen Quace
6 months ago
My DTI WITH the new house is like 27%

Will FHA cover a loan for this amount?
My DTI WITH the new house is like 27%

Will FHA cover a loan for this amount?
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Leann Castaneda
6 months ago
We are FHA refinancing cash out and since we live in a common state they have to consider my spouses debt as well, even though they will not be on the loan. They have said they will continue to monitor my credit through the closing process, but will they also continue to monitor my spouse who is not on the loan. They have already pulled her initial credit report.
We are FHA refinancing cash out and since we live in a common state they have to consider my spouses debt as well, even though they will not be on the loan. They have said they will continue to monitor my credit through the closing process, but will... (more)
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