Posted on: 22nd Jul, 2012 06:10 pm
Hey, I'm 21 and have a credit.score around 575. Not bc u have bad credit but bc I'm not established. My current home is in myhusbands name as well our vehicles and credit cards. I justwon a law suit and I'm looking to buy a house of my own
Would it.be possible to get a mortgage if I can show $200k in.my account?
Would it.be possible to get a mortgage if I can show $200k in.my account?
Hi Lnovosel,
With a credit score of 575, it will be quite difficult for you to qualify for any kind of loan. Even to get an FHA loan, you will require a credit score of 600-620. I will suggest you to improve your credit score and then look out for a mortgage.
Thanks
With a credit score of 575, it will be quite difficult for you to qualify for any kind of loan. Even to get an FHA loan, you will require a credit score of 600-620. I will suggest you to improve your credit score and then look out for a mortgage.
Thanks
Hi Lnovosel!
Welcome to forums!
I agree with what James has said. You will have to improve your credit score to get a mortgage. Check out the given page to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what James has said. You will have to improve your credit score to get a mortgage. Check out the given page to know some steps to improve your score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
Yes, but it'll be a hard money loan. It'd be best to increase your credit scores first, and purchase a home with a conforming loan (not FHA).
