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I did not get any quotes on my loan request (ZR-SXRCMRS). Can someone help me figure out why?

i was told my credit score was to low and i had to get /$500.00 credit limet and spend 30% and keep it paid on time,me and my soon to be  wrer going to buy houes together and crushed us.we wanted to clean up a few credit problems but they told us not to and that is why we cant get loan im at a loss for  words .we thought that us paying off old debts would help but looks to be bad ?
  • January 20 2010 - Brooklyn
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Answers (1)

mrskeefer1178, you did not get any responses based on 2 levels.  First, your credit scores are too low, as you know.  Most, if not all lenders require a 620 score and some have even gone to a minimum of 640/660.  Secondly, you will need to have a minimum of 3.5% down payment unless you buy in an area eligible for USDA financing or are eligible for a VA loan.

Rebuilding credit can take time.  In addition, you need to save up for your down payment.  Do yourself a favor and make sure you are well prepared to purchase a home and that starts with the 2 criteria above.

Keep making your credit obligations on time, keep your credit card balances at a max of 30% of the total credit limit and it probably wouldn't hurt to have at least 3 active tradelines all reporting to the credit bureaus.

You may not be able to purchase a home today, but there will still be plenty of homes in 1-2 years!  Best wishes.
  • January 20 2010
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