I want a home. But my credit score is 520. PLEASE HELP!?

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usually, a home loan agency won't give you the loan you need unless your score is well into the 600's... just show that you have had stable employment, and a positive bank account for AT LEAST six months, and you should have a fighting chance... also, if there is a second income in the home, that would help too... good luck!

I want a home. But my credit score is 520. PLEASE HELP!?

You should wait until you have sufficient credit to purchase a home. Also, if you have a fair down payment, this is going to help you tremendously. You may want to continue to rent until you have saved enough for a down payment.

Also, your credit score may go up if you pay off all credit balances off at least 50% or more. Once you do that, it may take a few months for the score to go up, but once it does, you will be a good candidate to take a loan out.

I want a home. But my credit score is 520. PLEASE HELP!?

Amanda and Darren are both incorrect. I am a mortgage banker (much different than a broker) at one of the largest and most esteemed mortgage banks in the Midwest, although we do lend nation wide. I have seen people with scores in the low 500s be approved for homes. One of the things that Amanda is advocating is clearly fraud, and is punishable by jail time and fines, I would not suggest that route although there are some things that can be easily and legally done to boost credit. It is impossible to know too much about your situation without receiving further information from you. I would encourage you to send me an email with any questions that you may have. Because I am a mortgage bank and not a broker I lend my own money and have a lot more flex in my requirements.


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