Comments on: What credit score range will qualify you for first time homebuying?

By: Pengy

Pengy — Sun, 06 Dec 2009 02:41:49 +0000

Even in the old days subprime required 580 so now in this market there is no way sorry to sound hard but it is the truth. Need to get the score up, and money in the bank for down and closing.

By: Paul S

Paul S — Sat, 05 Dec 2009 05:45:09 +0000

To qualify for FHA, it should be a minimum of 620, although I’ve heard that they can go lower.

I think that a 550, however, might be too low.

By: My Take on It

My Take on It — Wed, 02 Dec 2009 13:44:35 +0000

No
550 is too low even for FHA
FHA requires 620, but in some cases I have seen them do a loan at 580.

By: Chloe

Chloe — Sun, 29 Nov 2009 08:22:55 +0000

You have to have a 600 credit score in order to be eligible for an FHA loan. I don’t know too much about it I just know that’s the minimum score. Also, just a bit of advice, to find out your rough price range… multiply your households yearly income by 4 To improve your credit, apply for a PRE-PAID Visa card from their website. You can have your pay check go directly onto the card use it for a while. This will build your credit because it is still listed as a credit card on the report. There are no qualifications for the card because you put the money on it. Credit companies update your score every 3 months. This should make a big difference in a short amount of time. Also, start sending 5-10 dollars a month. This way, you are paying SOMETHING at least, which also looks good on your report. Hope this helps!

By: azrealestate09

azrealestate09 — Thu, 26 Nov 2009 01:08:14 +0000

I would have to say no. You will need a credit score of at least 620 or more, as well as have positive credit activity… like a car or credit cards that are used and paid off every month. 550 credit score just wont work these days. SORRY!

By: Professional Peon

Professional Peon — Wed, 25 Nov 2009 08:22:57 +0000

No. You need to fix your credit and establish some good lines of credit.