my credit score is about 560.Can i buy a house?Im a first time buyer.?

Answer 1

You CAN, but the interest rate will be higher than someone with better credit.
Good Luck.

Answer 2

This answer might not be what you to hear but if your credit is 560 because you may have bad credit, then most likely you would to pay off any collections, or other accounts that might be the cause of the low score. You dont need perfect credit but you demonstrate an ability and willingness to repay your debts. Beware of having too many inquiries has that can adversly effect your credit score also. Dont change jobs alot and pay your bills on time. When your ready apply for an FHA loan, these are very good for first time buyers. Hope this helps

Answer 3

Hello Texan girl, Your credit score is slightly low for a conventional loan. It is imperative you do everything you can to keep your score up and continue to improve. You can do this by paying all your bills on time....including car payment, credit card bills etc....over a period of time your score will go up. At this particular time as a first time buyer...your best option would be a govenment loan. This is called an FHA loan which means the government insures the loan for the lender. All kinds of banks offer this program. The credit guidelines are not as strict as conventional loans and if you have more money to put down that would be a good compensating factor. However, in most cases you can get your downpayment as a gift from a relative or have as low as a 3% downpayment. Call your lender and see if they have FHA loans and ask if you can get a free preapproval to buy a house. let me know if you have any additional questions.

[e-mail]

Answer 4

An FHA loan or a MyCommunity loan product would be your best options. I would contact a mortgage broker who handles either one of these loan types, or both would be even better, and see what they can do for you. The more money you have invested anywhere, retirement, 401k accounts, IRA's, checking/savings, mutual funds, etc... the better your chances are at getting approved. Also, the more money you can put down will increase your chances as well. Therefore, yes you can buy a home. If you can not get approved on one of these products, then I would work on improving your credit because any other type of financing with that score is going to give you very unfavorable loan terms. See the blog below on tips to help with your credit.

Answer 5

First off, why is your score so low? Have a loan consultant review your credit to see if there is something you can do to improve your credit score now. Is there erroneous information on your credit, do you need to rebuild. FHA is not credit score driven and typically likes to see 12 months clean history. Find a good loan consultant who can work with you to meet your goals.

CA Lender

Answer 6

Do some research first on the internet like google or msn.com referring particularly on housing and real estate topics. There plenty of hints offered or resources to prepare oneself in buying a house or property. You need to check on how much will a leader give you when you apply for a housing mortgage. If you have friends who recently bought a house...ask there advice.Try speaking to a reality agent on what to do before buying a house. this will give you enough idea until you decide to go for it.

Answer 7

If you have 20% down and closing costs should be no problem although you will pay a high interest rate, if you are looking for 100% financing will not happen

Answer 8

If you have cash it will be no problem. If you need a loan, see if you can get the seller to hold the note. No respectable bank would give you a loan at a reasonable rate.

Answer 9

Try for a FHA loan.........