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My credit score is 675 Would I be able to buy a home?

I'm so sick of renting and want a home of my own. I need at least three bedrooms. Does anyone know my chances of being quailfied for a loan with a credit score of 675?

 
MommyKKay

Asked by MommyKKay at 12:59 PM on Apr. 29, 2009 in Home & Garden

Level 12 (666 Credits)
This question is closed.
Answers (8)
  • Find a mortgage broker in your area and talk to them about what you should and shouldn't pay down before applying. I know in this area, FHA wants you to be actively working with a credit counselor if your scores are low..... it's amazing though how the scoring changed and how they say it's a good time to buy.... but the banks don't seem to want to lend. Catch 22 again.
    PaceMyself

    Answer by PaceMyself at 1:16 PM on Apr. 29, 2009

  • I don't know, I guess it all depends, we can't get a loan where we live and we have excellent credit! I'm talking 750 and 800!!! It's ridiculous.
    Anonymous

    Answer by Anonymous at 1:01 PM on Apr. 29, 2009

  • It depends on your income too, and your existing debt. A credit score alone will not get you a home loan. You'll probably need a down payment too. It never hurts to talk to someone that does loans, they can run your numbers and tell you what you do qualify for.
    prettyrayray

    Answer by prettyrayray at 1:03 PM on Apr. 29, 2009

  • You should..... FHA's new criteria is 580 - but of course there are other factors involved. But based strictly on credit score... 675 should be okay for a FHA loan.
    PaceMyself

    Answer by PaceMyself at 1:10 PM on Apr. 29, 2009

  • When I looked at my credit report I have quite a few small debts that I don't even know what they are from. Would I have to pay them off first? I could figure out a down payment i just want to know if it's even worth it to walk through the door!
    MommyKKay

    Answer by MommyKKay at 1:13 PM on Apr. 29, 2009

  • yes, i talked to a lender yesterday and some companies will go as low as 620 right now. the market is good for buying a house and there is a tax credit for first time buyers its like 8000 towards a down payment and you can claim it on your taxes next year. good luck i would start lookin into it it i were you. the tax credit is good til december of this year.
    jodi205

    Answer by jodi205 at 1:13 PM on Apr. 29, 2009

  • mommykay the lender i talked to told me to get a couple credit cards just use them for gas and small things and pay the bill every month and the credit score would go up in no time.
    jodi205

    Answer by jodi205 at 1:15 PM on Apr. 29, 2009

  • 1st anon here....well all you must be lucky since where we live not many get loans AT ALL!! I'm telling you, with a high credit score, income MUCH higher than our debt (which is pretty nonexistent), AND a 15% down payment......NO LUCK!!! We have no accts in collections, nothing bad on our credit reports, etc....it is crazy.
    Anonymous

    Answer by Anonymous at 1:17 PM on Apr. 29, 2009

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