Approved for a mortgage with credit score of 515?
Me and my wife are wanting to buy a house soon. Together we both gross a little over $43,000. All the accounts on our credit report are nearly two to three years old. I was wondering is it in any way possible to be approved for say a 50-75k mortgage?
Public Comments
- I seriously doubt it. 620 credit score is usually a minimum unless you have some very large amount of cash to put down. And why do you want to own a cheap home, in what is most likey a bad neighborhood on what is a so so income. Most homes in that price range offer little or no appreciation over the years. No insult intended but it if I were you I would spend a couple more years building your credit and increasing your income and savings. Then make a move. It all sounds borderline to me, and I just want you to make a wise descision.
- not with that score. Unless you have at least 20 to 30% to put down and your interest rate will be very high. (SUBPRIME). I would save some money AND FIX THE PROBLEMS.
- No way ...sorry
- A FICO of 515 is not going to get you a mortgage. Work on your credit and get your score at least to the mid 600's before even attempting to think of buying.
