can you buy a house with a low credit score of 475?

Answer 1

If you have enough cash, then you don't have to worry about a loan.

I would build your savings and repair your credit score. You will be paying too much interest with a score of 475. It won't be worth buying a house.

Good Luck!

Answer 2

I just tried and was told that with the market like it is right now that you really need a score of 620 or better to get 95-100% financing. This was a Virginia Company and my score is 475 also.

Answer 3

No. You need to work on cleaning up your credit. Get your credit report. Dispute any errors with the credit bureau.

Pay off your credit cards. Your debt should be less than 30% of your limit.

Start contacting you bad debt. Start with the newest on and work backward to the oldest. You can probably settle old debt for 75% to 50%. Lump sum gets the best deal. Payment plans have to be over short time frames. Get any settlement agreement in writing and don't give them access to your bank account.

You are going to have to clean up all those negatives before you can get a mortgagte anyway.

The most important thing is to pay all your bills on time. You will need a two year consistent, on time payment history to get improvement in your score. With a score as low as yours it may take longer.

You should probably work on saving up a downpayment too.

Answer 4

Even if you got a loan, you will pay a lot of interest. What I would do is pay your bills, build up your savings account (for a down payment) and improve your credit score. I would try to make it at least a 700. This will probably take you several years (4 - 7) to do.

Answer 5

Looking for the owner that willin to work with you, or get some referral etc...

Ask more question and keep trying like colonel sander of the KFC history.

Right now the time is on your side.

Good Luck.

Answer 6

you can with FHA but you cant have any credit lates in the last 12months