Priority one right now should be repairing your credit. If you have outstanding debt or late debt, pay it off. Throw so much at it that it hurts.
If you have no debt or outstanding issues, build your credit and start saving as much as possible. Touch base with a few large banks, a few brokers, and a few local banks to see what their requirements are going to be. You can then work towards those.
Good Luck
You've got to prove that you can pay your bills on time, which is what good credit entails. If both of you have 550 credit, there have been issues. Here are a few rules: Keep the older cfredit cards, do not close the accounts. New credit decreases your score. They also look at the balances on cards, so pay those down asap. Any small utilies bills, cell phones, etc dramatically reduce your score if they are late. You may need to really downsize your expenses for a full year. No cable, eating out to get back up to speed.
Last resort, if you like your rental home, see if your landlord will sell as a rent to own and keep the loan. Then you dont need to get a new loan.
very unlikely to get any mortgage approved with anything below 650
Not with scores that low, no.
no
Myself and my fiance have bad credit. Both of our scores are around 550 or so. We're currently trying to build our credit but it is taking a long time to do so. We really want to buy a home.
Our total monthly income is about $4,000. If we come up with a decent down-payment, is there still hope to get a housing loan?
Thank you so much.
