will a credit score of 563 allow someone to buy a house?

Question

will a credit score of 563 allow someone to buy a house?

Answer 1

563 is a little low but some financers will work with it. Just do your research so you don't get totally screwed with an extremely high interest rate due to your lower score.

Answer 2

It is very doubtful. Regions Financial requires a credit score of over 675 for a small unsecured loan. Mortgages require established, "good" credit. We all know that when purchasing anything, you don't want to have put put down a large down payment, as well as, you don't want to be consumed with high interest rates. There are some finance companies that will finance you with a large down payment, subtantial income, and a high interest rate. However, if you look at the long run, it would be better to establish a higher credit rating before attempting to finance a house. You'll be better off with no down payments, and a reasonable interest rate. If you get your credit rating to 700, you should have no problem financing a house. That may seem like a lot to establish, but credit ratings update each month, and if you're paying your bills on time, your rate will continue to increase. With a higher credit limit, you'd be allowed more $ to work with, and a home you'd love instead of searching for something that you can live with. Establish your credit more, get good interest rates, and a home you'll cherish for years to come!!

Answer 3

With the right income, and the right downpayment, and the right house, anyone can buy one no matter what their credit is.



But, the lower the credit score the higher the interest rate. You may be better off trying to find someone willing to finance you themselves with a balloon payment due in a few years. During this time, fix your credit and at the time the ballon payment is due go to a bank to finance the difference. Keep records of everything. A local bank is good to use and it's also good to go to a couple of banks to shop around. They will work with you if they see you are working hard to fix your past and a couple of years of proof, along with a house they know you don't want to lose, is pretty good credit in itself.



Best bet is to get a house that you can increase the value of. A bad house in a good neigborhood. they are everywhere and the owners of these houses have lots of reasons not to do it themselves. If you spend a good solid week looking you will find dozens of them available this way. Look for old "for sale" signs, the handwritten ones, not a realtor sign. This way the house will be easy to buy, it will cost less, and it will be worth far more when time comes to refinance.

Answer 4

Yes, but you won't get a good deal on the rate.



My advice, try to build your credit or improve your credit score 6 months before you buy a house.