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My credit scores are 584 Equifax, 588 TransUnion and 609 Experian. I currently in a purchase lease option and have $4,400 towards a down payment all ready. What are my changes of getting a loan to purchase this house? I just recently purchased a new car and found out that they sent my loan application to 15 different places which really missed up my scores. I have been working with a company for about a year now to help clean up my credit and it has improved but the car really lowered it again. What kind of options do I have if any in buying this house?Cynthia Greenphone:email@example.com
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500 = Bad Credit (Not acceptable)
An acceptable score is about 500. Your bank might not even want to take the risk that you'll end up defaulting the loan. You can get a home loan with bad credit but it will be costly. The lower your credit score is, the higher interest rates you will have to pay. There could also be a limit to how much you can borrow... I agree with everyone else. You should definitely look for a strategy to increase your credit score and get advice from brokers. This is an article about home buying with bad credit. Hope it helps.http://homebuying.about.com/od/buyingahome/qt/BuyBadCredit.htm You may qualify for a government-backed loan or you'll need to improve your credit score in the next several months. This article may help you with ways to bump up your credit score quickly.http://www.bankrate.com/finance/credit-debt/tips-for-boosting-your-credit-score-1.aspx
I have found that I get more information and more specific advice on credit at www.myfico.com. The forums there are extremely friendly and helpful, and there is almost always someone who has been there done that.
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