can I get a morgage if I have a credit score of only 577, I don't owe anything and make about $35,000 a year.
2007-06-25 14:09:39 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
Probably not at this time. Generally, lenders are looking for minimum credit scores in the low to mid 600 range. Given your lack of debt, some lenders might go lower. Doesn't hurt to check.
Contact a bank or mortgage broker of your choice and see what they have to say.
2007-06-25 14:22:19 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
You can get a mortgage but with that score, the lender won't lend you much money, maybe 70% of the value of the home.
Therefore, if you want to purchase a $100k home, you're going to need to come up with $30k.
Save as much as you can and pay bills on time. The score will rise, banks will lend at a higher percentage and you'll have a nice down payment.
2007-06-26 11:12:03 · answer #2 · answered by reitz37 2 · 0⤊ 0⤋