my credit score is very low, can I still get a mortgage

I am in the same position, my credit is @600, I wandering how can improve it? The main issue bringing it down is that I bought a $5K ring with 2yrs 0% interest rate. I put a downpayment of $2700, and paid montly on time. However, after the 1st year I was billed for accumulated interest, the lender said it was only 1yr free of interest. I ask if I could pay the whole amount as a lump sum but not the interest and ther lender refused the offer. I was upset that I had to paid all the extra money when the seller wrote very clearly that it was 2 yrs. So I stop paying it. Now someone says that I should settle it, because someone else said it would be worse. I am looking to buy a house in 1yr. What should I do to improve my score? THANKS!!!

It takes more than a good credit score to get mortgage financing.. Income, type of income, job time, debts, past credit issues.. Etc.. All play into whether your approved or not.. So if you have a low score.. The question is why is it low.. The lender will look at your complete profile and make their determination off of that.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Depending on what you mean by very low... Most lenders have a minimum of 620-640 for a FHA or conventional loan, regardless of the amount of downpayment. FHA allows lower scores but finding a lender that can get it approved is challenging, and you could expect a significantly higher interest rate than is typical in the market right now (3.25 for a FHA loan) if you were to be approved. Your best option is to work on improving your score and apply when you are easily approved.

It depends on how low and why it is so low. We can go down to 560 but there are requirements that have to be met. Contact me to discuss further. 201-962-3555 or Team@BestMortgageOption.com

Irma,Getting qualified for a mortgage is not just based on a credit score. In today's lending environment you will also have to show your income and assets. Depending on what the issues on the credit are and how long ago they occurred can make a difference in qualifying. Feel free to call and or email to further discuss. nterranova@rmsmortgage.com860-803-0810

All the answers above are great and correct but FHA will go down to a 580 as well but don't expect a prime rate. Contact a couple of LOCAL brokers and ask them what score they go down to.

are you trying to refi or purchase?? that will make a difference linda yourloanparnterforlife@live.com

FHA loans have looser qualification requirements in terms of credit score, so depending on how low your credit score is, you may be able to qualify for a mortgage through an FHA loan. Your interest rate will be higher due to you low credit score though.

There is ALWAYS hope...But I would definitely recommend spending some time working on the issues that have brought your score down. Not only will you be in a better position to get a mortgage, but you'll also likely saves tons of money on other purchases along the way. For example, your insurance will likely be less expensive. The deposits necessary to establish utility services will be less, or altogether absent. And don't even get me STARTED on how much you could save on your next auto loan!Please let me know if I can help in any way!

Thank you everyone for the helpful suggestions. I do understand that improving my credit score would help, but I don't know how to do it. Any advise? Thanks!

yissy the only way to get that house in a years time is to repair your credit. Email me at imrulh@creditservicez.com to set up a free consultation call. I can tell what needs to be done to repair your credit, how long it's going to take you and how much it will cost you.