Will a low credit score with a large down payment stop me from getting a FHA or VA loan?

lasandraoliver · Joined: 06 Nov 2009 Posts: 3 1.89 Dollars($)

I have a beacon score of 536..Im working on my credit now..Ive taken out a couple of secured loans. I have 4 negative items on my report within the past 24 months. I found a house for 70,900 and I'm putting a 50,000 down payment on it. I want to get a house in 3 months or when my score increase..will it be hard since i have a large down payment?

smithsussane · Posted: Sat Nov 07, 2009 12:36 am Post subject:

Hi lasandraoliver!

Welcome to forums!

Though you are planning to give a huge down payment, I don't think it would be easy for you to get approved for a loan. FHA loans are available at a credit score of 620. There may be some lenders who can give you a loan with a score of 536 but they may charge you higher interest rates. In my opinion, you should take steps to improve your credit score first and then look out for loans.

Feel free to ask if you've further queries.

Sussane

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