I want a home. But my credit score is 520. PLEASE HELP!?
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Take the rental property and take the next 6 months and dedicate time to fixing your credit or bringing that low score up. It wont take long to get your credit in order. I started working on my credit in January which was 529 and my score is now 645 and growing. Start by disputing any negative information on your credit file eeven if it is yours. Keep all revolving debt down. Meaning: If your credit limit is 500 try to always have 400 availble credit. Dispute inquiries too. If your score gets to at least 620.
(and thats middle score) you can get 100% financing with no money down. Remember this. The lower the score the higher the payment.
Good luck
Some of the things that J O is saying is correct however as you can see he's trying to get a sale.Yes you could get approved for a loan now but with a low score like that your interest rates will be high which will result in a high monthly payment. .Work on your credit girl. I just closed on a 2 unit, purchase price 379000.00, with a middle score of 623.
I want a home. But my credit score is 520. PLEASE HELP!?I don't know where you live nor the prices of homes in your area. If the prices are right, you have a fighting chance of getting you a home. I see that you are currently paying $900.00 per month for rent.
You have a challenge or two to overcome, but they can. You interest rate will be a little higher, your choice of mortgages will be an adjustable rate mortgage fixed for either 2 or 3 years. Select the one that you would feel comfortable with. The rate and payment will be the same for 2 or 3 years, that will be determined by which you select.
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