Buying a House

[Tangerine2013]

Is it even possible to get a home loan with a 569 credit score? If so pleaassse tell me how I can go about doing so.

[DaBears]

Minimum is a 620 and that is going through FHA.

[Tangerine2013]

Thank you DaBears, That's what I was told but I just wanted to make sure. Guess I will just have to continue to work on raising the score.

[FaaastCash]

Before shopping for a home loan, you have to check your credit rating. A score under 620 is considered poor. And with a score below 680 but above 620 will give you a good chance that you can get a loan. It is always advisable to raise your score by repaying other debts.
  

[rckstrscott]

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@DaBears wrote:

Minimum is a 620 and that is going through FHA.

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Not true.

FHA minimum is 580; but most lenders have adopted a 620, or yet, a 640 rule in order to qualify.

Wells Fargo still does loans below 620; but you will likely have stringent conditions and bring more money to the table. But they still do them

-scott

[Hannahsmom]

I am in the same situation... I have been on the mortgage forum of MYFICO and I have seen posts where people are getting home loans with a 580... Most all I see are FHA and they have older bad debt, nothing in current open collections... Manufactured dealers are the easiest to get finianced from  with a low score but would you really even want to just "get approved".  I was like you just about a week ago.. I just wanted an approval and didnt care how much I would be out... but after pulling my reports and assesing all of my finances I would much rather work on my credit now for a few more months and hit that "over 620" mark... this will save so much more money and that also means qualifying for more house if I have that lower interst rate! Good luck with your journey!!!