Chosen by Asker

The approval process is about more than just your credit report, it's your whole financial picture. Your score might be lower due to high balances (30% of your score) but late payments are where you'd really get nailed. Have you tried for a pre-approval on a FHA home loan? That's FAR, FAR easier for a first time home buyer than a convential loan. The minimum score needed to qualify for FHA is 620 or 640, can't exactly remember which one. Your debt to income ratio will play a big part in how much you'd be approved for, but if you have at least a 640 FICO score, you're qualified (most likely)!

by jle4044

6 months ago

Asker's Rating: 

not at all...you need more time to save,get another job...

by mar c- 6 months ago

doesn't hurt. hat's your income to debt ratio? that's a big factor

by Larry- 6 months ago

High debt does not give you a bad credit score, your payback history does. You should probably order a copy of your report and see what's on there causing the score...

by Mark- 6 months ago

School loans will hurt you if you don't pay them, a good rental record will give you a good reference and that's about it. A close friend I know makes $30/hour and can't even get a car loan,(because of high debt school loans) so a home loan is going to be like pulling teeth. It certainly is hard to get on one's feet nowadays due to all the people who couldn't afford their lap of luxury and went under, banks are tightening their belts.

by Fraggle Rock & Roll- 6 months ago

I hear ya sweet pea! I got EXPELLED from my university for threatening a student, and now I got to pay back all this money...close to 10,000 dollars! And believe me, I am SO SORRY for what I did....it wasn't even the guy's fault why I was mad; I was angry at my dad and then I just went to school in a very unstable piss poor mood and went on FACEBOOK and threatened a college class mate. Man.....do I ever regret it! I hope I can get back into the school once I proof I can handle my self for a year or two at a local community college. Do they ask why a student transfers from one school to another? Do they know about students who get expelled or suspended? I'm very nervous.. I know this doesn't answer your question but I want you to know that your situation is A LOT better than mine. I couldn't graduate and I'm stuck without a diploma in Computer Science.

by live_journal_15057- 6 months ago

No lender will give you a mortgage with that much debt unless you have at least 20% down. Paying your rent on time does not increase your chances.

by sassy2- 6 months ago

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by Joy- 6 months ago

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by Sunano- 6 months ago

n this economy, people with good credit can barely get a loan. People with bad credit are SOL. It's people with bad credit which banks gave out loans that they knew might not get paid back, which got us into this mess. Wait till the credit market thaws, then try.

by Mai- 6 months ago