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Mortgage with damaged credit?

My husband and I really want to buy a house. I'm at stay at home mom with a credit score of around 620. My husband is 525 but we're trying to improve it. Is it possible to get a mortgage in this situation without a huge down payment?
  • February 08 - Shelby Township
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Answers (5)

Hi "User"

If you have a mortgage person, please speak with them.  They should be willing to help you setup a plan to get you towards your goals.  They have credit simulators that allow them to do different "what ifs" regarding your credit and give you a pretty good idea of what is needed to get to your end goal.  If you don't have a mortgage person we would be happy to connect you with a great lender in your area.  He will help you get a plan to succeed!  Feel free to contact me for more information and I would be happy to connect you!  Have a great day!  [Contact information removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
  • February 08
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Sorry I was wrong his credit score is currently 544.
  • February 08
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Profile picture for wetdawgs
Minimizing credit card debt will help, but it is hard to predict the exact numerical response.

Getting credit scores > 580 will open the doors to a few lenders, although the rates are still not likely to be particularly good.  Getting credit scores > 640 will open the doors to considerably more lenders.
  • February 08
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We have been working on saving for down payment and closing cost. I ask because we found a home we are extremely interested in. We have seen through experians credit simulator paying off our credit card debit should raise his score to around 580 will that help?
  • February 08
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Profile picture for wetdawgs
With a credit score of 525 for the primary wage earner, it is not possible to get a  mortgage without extremely high down payment and extremely high interest rates from hard money lender.   You are doing the right thing on working to improve his scores.

How's your savings program for down payment, closing costs and a reserve fund?   If not good, work on this at the same time.

  • February 08
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