bad credit

Submitted by Anonymous (not verified) on Wed, 08/26/2009 - 13:06

I need a conventional loan to purchase a home. I want to place 20-30 percent down. I have bad credit. What does my credit score have to be?

In my opinion you may apply for FHA loan if you wish to purchase a home. It needs more 620 or more credit score score as well as 3.5% of loan amount to make down payments. 2 years of the work history.2 months of most recent bank statements & few information about your credit history & annual income.

Thanks & Regards.
Secure card will help you to improve credit score faster.

Thu, 08/27/2009 - 10:47 Permalink


Usually a score of 700 and above should get you a good deal. However, sometimes even with bad credit people get good loan offers. I would suggest do your research well and look around for creditors willing to offer a loan even with the score that you have.

James has also made a wise suggestion. You may think it over.

Thu, 08/27/2009 - 11:49 Permalink

If you can give some time to build your score surely you will get good offers from lenders.but you have to have patience for that.

Mon, 09/14/2009 - 14:00 Permalink

Bad credit is certainly a problem but I think if someone has really good finance management skills, chances are he may not require loan as desperately.

Thu, 09/24/2009 - 05:51 Permalink

I have also seen people get good loans through finance companies,even with credit on the poorer side, when they agree to have the payment directly debited from their checking account. This insures they will get their money on a certain date (that you and the lender agree on). If the money is not their it does lead to bigger fees for the owner of the checking account but I think this also helps them assure timely and monthly payments.

Thu, 09/24/2009 - 18:50 Permalink

I am not sure if any lender is otu thre who can give money to people with credit score below 600

Most of them are really vigilant and probably would liek to stay away from such loans as of now

Fri, 09/25/2009 - 06:44 Permalink

If you CAN get a home loan, with a low credit score, I'm sure the % rate, of the loan, would be VERY high. I would keep paying on the debts you have now: every payment you make means your debt would be less and your credit score will rise.

Thu, 10/01/2009 - 13:37 Permalink

I totally agree with Sd Chargers here. I would work on your report and getting your credit score up before signing on to any 30 year mortgage. That would really equal alot of extra money. Houses come on the market everyday. Youir dream home will still be out there in a couple years..maybe even a better one!

Fri, 10/02/2009 - 02:09 Permalink

Hi jerry,

You can get a home loan with a minimum score of 620. However, I would suggest you to repair bad credit and boost up your credit score before applying for the loan. In this way it will be less of a burden for you later on. Start paying off your debts and get a secured credit card. Make use of the card properly and it will help you in improving your credit score. It will take a little time, but this is the best process to improve credit score.

Fri, 10/02/2009 - 10:20 Permalink

Definately credit score required is more that 600.
I think you have not specify your credit score.
Please specify your credit score so that forum will guide you.
But as you mention you have bad credit so i think you have to improve credit and then only go for loan.

Otherwise it is difficult to get mortgage.

Fri, 10/02/2009 - 17:59 Permalink

If it is FHA loan you will need ateleast 630 credit score

Sat, 10/03/2009 - 05:07 Permalink

It DOES take patience and time to re-build your credit (don't I know it!!LOL). Believe it or not, eventually it WILL happen. My credit score has gone up, abit, by a few points. I'm NOT trying to take any extra loans out,...I'm just paying on what I ALREADY have. My debt is going down, so, my credit score is going up.

Sat, 10/03/2009 - 09:16 Permalink
Kate (not verified)

Hello Jerry,

The mortgage credit score, in fact is changing every month, almost regularly! You need to have a minimum credit score of 700 to be able to get loans from a mortgage lender. At present, most lenders require you to put down 5% to 10% of your home price. So, if you’re willing to make a down payment worth 20% to 30%, that’s pretty good. By the way, what’s your credit score like? I mean how bad is your score?

Most conventional loan lenders require you to have minimum credit score of 700 to get financed. So, if you have a bad credit situation, you could instead opt for a FHA loan. The FHA approved lenders call for a significantly lower credit score of 620 from the earlier 580. However, there are certain criteria which you need to fulfill in order to qualify for an FHA loan.

Keep in Touch

Kate :idea:

Sat, 10/03/2009 - 11:24 Permalink

for FHA credit score required is 620.You have to improve your creditscore. can you share your credit score with forum?
then anyone can help you.

Mon, 10/05/2009 - 17:45 Permalink

Thats true.

FHA requires aleast 620 with 3.5% down payment

But there are some discussions on increasign that to 5%

Tue, 10/06/2009 - 19:17 Permalink

Hi sunnyca for FHA 620 Credtscore will do. Not required 630.

Wed, 10/07/2009 - 17:40 Permalink

......also, (my opionion here..) if you're willing to put down MORE of a down payment the lender is asking, even with bad credit, that really would be in your benefit.

Mon, 10/12/2009 - 01:21 Permalink

True, sdchargers, if you put a large amount down then they are more apt to finance you, I just went through it buying a vehicle. I put down a large amount and they did the finance for a lower intrest rate.

Mon, 10/26/2009 - 23:33 Permalink

I agree with the 620 score needed below but also have heard they’re raising the bar to 640 soon. If you have bad credit its best to research and locate whats giving you bad credit and attack it head on. Rebuilding and/or improving your credit takes time so you’ll want to get a jump on this. If you haven’t run your credit report yet this year try – they provide a free credit report and do not ask for a credit card to authorize. We are not affiliated with the site but send our clients there regularly because of their stellar, honest service. Our organization can review your credit report with you as well for free and help you assess what you need to focus on and fix. Any other questions please feel free. Good luck to you and yours.

Wed, 10/28/2009 - 19:46 Permalink
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