Posted on: 09th Apr, 2010 04:20 pm
is it possible for a first time home buyer with a credit score of 586 to obtain a loan to purchase a home?... Have been on job over two years, no revolving accounts. Only 3 small medical bills on report.
Hi mrsjcobb,
With a credit score of 586, it will not be possible for you to get a loan though you've been on job for over 2 years. You'll have to improve your score first in order to get a loan. You would require a score of 700 in order to qualify for a conventional loan. For FHA loans, you would require a score of 620.
Thanks
With a credit score of 586, it will not be possible for you to get a loan though you've been on job for over 2 years. You'll have to improve your score first in order to get a loan. You would require a score of 700 in order to qualify for a conventional loan. For FHA loans, you would require a score of 620.
Thanks
I mean there should be some kind of help out there for someone with little or no credit???
Hi mrsjcobb,
There's hardly any help available for people with little or no credit. However, if you've a cosigner with a good credit score and income, then you may be able to get a loan.
Thanks
There's hardly any help available for people with little or no credit. However, if you've a cosigner with a good credit score and income, then you may be able to get a loan.
Thanks
Yes it is possible. There are lenders the will lend on sub 620 credit scores but, you will need to do your research.
Hey you can get.........i refer you to a blog, get brilliant information about First Time Home Buyers am also read. financialculture.com