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Can you qualify for a home loan with a credit score in the 600-650 range?

We're working on paying things off and down, in order to qualify for a home loan. (Which even with that, I'm not sure where to start.) We don't have a lot in our actual savings account. However, we have enough for a sizable down payment through a 401K. We're first time home buyers, so we wouldn't even need all that much. We're not even looking for an expensive house (around the 80K range) but both mine and my husband's credit isn't stellar. Is it reasonable to hope that we could qualify for a loan? (Our scores should go up after we pay some stuff off.)
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March 10 2013 - Belton
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You can absolutely qualify, I would check with a mortgage broker first before going to the larger banks. Coming from that industry it's sometimes harder to get a loan.
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March 10 2013
You certainly can qualify, depending on your lender.  It will help much more if you're above the 630 mark.  Talk with a local mortgage lender and see where your credit is at.  Use some free cash to pay off debts and get your credit score into good shape before you buy.  It'll help immensely with your rate and overall loan package.  

Best of luck!
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March 10 2013
 
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