Profile picture for user04915569

I have no credit and my husband has low credit (score under 600). Can we still get a home loan?

Our dream home is $40,000 and we can pay the note off in under ten years with ten percent down.
  • December 06 2013 - Brownwood
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

The hardest part about your situation would be finding a lender who is willing to give a loan with such as low amount. Most lenders have a minimum loan amount of 50k. Some mainstream banks will be willing to give you that loan amount but they require higher credit scores compared to other lenders. The best thing to do for now is work on your credit score. If you can get it above 620, then you will be in better shape with the mainstream banks. Other flexible lenders like myself can get you a mortgage with scores as low as 580, but there is usually a minimum loan amount. So spend sometime fixing your credit by paying off your debt and revolving credit balance on time. I hope this helps and good luck!
  • December 06 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Many reputable lenders having a credit score requirement of 600+. I would recommend that your husband works on getting his credit up. He can do this by paying of old credit cards and paying bills in a timely manner. You could go to your bank and request a prepaid credit card. This means you have to deposit the money first to use it. Than use it regularly and always pay them off. This as well helps building up your credit.

[Contact information and website removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
  • December 06 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.