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pmiles6327 · Joined: 04 Oct 2009 Posts: 1 1.30 Dollars($)

I'm trying to buy my first home and i need help getting a mortgage loan. Being as though my score is 580 I'm not sure what i can do as of now. Is there something or someone who can help me or some type of grant that I can look into? I just need to know where i can start on either building my credit or either talking to a loan officer/ mortgage company who will accept my score.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

580 is really low score for you to get mortgage

You will need to atleast 620 score to get a FHA loan and also 2 years of emplyment history. FHa also requires you to make 3.5% as down payment

As of now you need to work on improving your credit score

First thign you need to do is pull your creitreport from allthe three credit agencies and check see what is really making your score to go down so low

Next work on paying any debt you have defulted on and make paying all the credit cards and loans regullary

Do not over utalize your credit card. Just go above 20% of your allocated limit

Lot of your credit score depends on the credit history and al soon the how much of yoru credit you are utilizing

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first time home buyer credit score 580