Quote:
Originally Posted by allineedtogetbye
I am looking for a mortgage loan for a first time home buyer I don't have a 580 credit score and it from not having enough credit but I want to buy this home is there a lender out there for me?
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I didn't know not having enough credit could hurt that much! You don't have enough credit because you have few cards? Or you have utilized most of the available credit that is extended to you? If it is the second, paying off your credit balance to lower your ratio should improve your score. In addition the lender will take that into account even if you have high score. So, it is in your best interest to pay down your debt to improve your score.
Or is it not having enough credit history? As in just started to have a credit card? If that's the case, use your credit card as frequently as possible and pay all balances on due date and it should improve. Have the patience! The worst thing you could do is to rush and get a loan with high hit in interest rate because of your credit score. Waiting a year or two may be the solution and no one is predicting the housing market to sky rocket in a year or two--at least you are covered there. Good luck