Me and my wife are wanting to buy a house soon. Together we both gross a little over $43,000. All the accounts on our credit report are nearly two to three years old. I was wondering is it in any way possible to be approved for say a 50-75k mortgage?
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Approved for a mortgage with credit score of 515?
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I seriously doubt it. 620 credit score is usually a minimum unless you have some very large amount of cash to put down. And why do you want to own a cheap home, in what is most likey a bad neighborhood on what is a so so income. Most homes in that price range offer little or no appreciation over the years. No insult intended but it if I were you I would spend a couple more years building your credit and increasing your income and savings. Then make a move. It all sounds borderline to me, and I just want you to make a wise descision.
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not with that score. Unless you have at least 20 to 30% to put down and your interest rate will be very high. (SUBPRIME).
I would save some money AND FIX THE PROBLEMS.
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No way …sorry
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A FICO of 515 is not going to get you a mortgage.
Work on your credit and get your score at least to the mid 600′s before even attempting to think of buying.
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nope not at all anyone that has even good credit is getting turned down because of all what happened with the housing crisis. if you dont have a good score at least 650 and at least 20% down forget it.
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Sorry but not until your credit score gets up quite a bit more
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creditreport.fateback.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
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