I have a credit score of 553 will I be able to get a home loan?

I am hopeing to apply for a home loan in 12 months and am not sure if I will qualify. Is it possible?
The thing is I have paid off all my debts so I have no debt and am hoping that in 12 months if it stays that way my score will raise and I will save 20% down. Do you think that will help me?

By | 2013-08-27T05:19:17+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|7 Comments

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7 Comments

  1. Ava August 27, 2013 at 7:03 AM - Reply

    Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on bad credit, you must know to how to confront it. Of course, Even if you have bad credit, you can get loans. Many factors can contribute to someone getting a “bad credit” rating, among these are non-payment of an account or late payments over an extended length of time. You may find a bad credit loan here,

    http://worldbestloans.com/homeloans.htm

    You may find want you want. You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to arrange loans or other finance, and usually means you will pay more interest on any loan you take out.

  2. Flyby August 27, 2013 at 6:59 AM - Reply

    I doubt that you will be able to qualify for a home loan with a low credit score. Most are looking at a score of 700 or higher. I am sure there are lower scores that can qualify. There may be some lenders who actively seek out those with lower scores. You never know what will take place in the coming year. Credit scores rise and fall. You have an opportunity to get yours higher this year. Pay your bills on time and reduce your debt this year and your score will rise. If there are any negatives they will affect your score less with time. I would save as much as possible for a good down payment. The more you can pay down the better your chances of qualifying for a mortgage. In preparation you may want to contact a mortgage broker to see what might be available to you and give you some guidance as to what you could do to improve your chances of qualifying.

  3. the d August 27, 2013 at 6:40 AM - Reply

    unless you are putting 40% down or are making 100,000 per year.

    i doubt it, otherwise you will need about a 680 or higher

  4. AJ August 27, 2013 at 6:26 AM - Reply

    Absolutely not.

    You wouldn’t even qualify as a sub prime candiate

  5. Nebraska Born and Raised August 27, 2013 at 6:15 AM - Reply

    Nowadays you need a score of 720 and at least 20% down.

  6. Mike August 27, 2013 at 5:50 AM - Reply

    most likely not

  7. Judy August 27, 2013 at 5:30 AM - Reply

    go to myfico.com
    there is a section there on credit educaction – click on it.
    Pay down all credit cards so they don’t exceed 30% of their available balance is a major one.
    I paid mine in full before applying.
    Hint: When you apply for a home loan you will probably apply with several companies. Apply within a 3 week window, and it will be grouped together as one inquiry.
    Go to that site – read everything.
    There is also a book at bookstores called “credit repair for dummies”. It tells you how to deal with credit card companies and how to fix your credit. $20 bucks. /

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