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I have a credit score of 643- is it possible to qualify for a home loan? Trying to repair credit

I have a credit score due to some financial problems I had a few I have been told by some that I can still qualify for a home loan?? I currently pay $1,151 in rent for a 2 bdrm/2 bth apartment where I have lived for 4 years. I have been an educator for 12 years. I have very little money to put down. I have $45,000 in student loan debt, 3 open credit cards with about an $1,800 balance between them all. I am just wondering what I would need to do to become an home owner again!
  • May 12 2012 - Franklin
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Answers (1)

Your credit score alone doesn't disqualify you for a home loan. Infact THDA(tennessee housing development agency) has a downpayment assitance program that you may be eligible for. The key is your back end debt to income ration can't exceed 45%.

I live in Franklin, TN. Feel free to contact me through my profile and I can help you figure out your options. It depends on where you want to live but you may be able to get something for what you are currently paying for rent.

  • May 12 2012
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