Can i get a mortgage with a credit score near 600?

I have been reestablishung my credit, so i have gotten four credit cards all with 300 - 500 limits. I have been using them, the longest 18 months the newest 4months. however due to me using them and paying them every month they were showing near the limit so i payed them all in half, and haven%26#039;t touched them for a few weeks now but they still show nearly maxed. I realize that it will take a few months for my score to bounce, but i wanted to purchase a property, can and if so where?

Can i get a mortgage with a credit score near 600?

600 is extremely low and will mean you can expect to pay 3-4% more in interest rates, so instead of say 6%, you%26#039;ll have to pay closer to 10%, or even more.

Now with the lending crisis, lenders are really getting strict about who they lend to and they may even charge you much much more than 10%. Each 1% on a $100,000 loan is about an extra $125 in payment, so times that by 3 or 4, and you%26#039;ll be paying an awful lot in interest.

If it%26#039;s only been a couple of weeks since you paid down the bills, then you%26#039;ll have to wait a bit longer. The credit card companies haven%26#039;t seen a pattern yet in your payment history, so it will take a couple months for them to adjust the credit score.

Can i get a mortgage with a credit score near 600?

FHA loans are not score-driven and have close to prime rates on their mortgages, plus an additional mortgage insurance premium. 600 scores are common for these loan types - you just have to find an FHA lender.

Can i get a mortgage with a credit score near 600?

If you have sufficient income to support it; you will need a good loan officer to get you into a quality program though. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don閳ユ獩 simply 閳ユ竾orget to call you back.閳? They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you