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    With a credit score of 619 can I get a home loan?

    I have three unpaid medical bills from four years ago on my account. I was going to pay it off (I can afford to now) but I've hread it will lower my score and make it more recent. I also have student loans of 50,000. I just paid down my two credit cards to 10 % of my available credit. I'm going to wait until October to apply for a home loan. I am hoping my credit cards pay off will make my score rise by then.
    a year ago 9 Answers

    Best Answer

    Chosen by Asker
    Yes you can get a Home Loan. . . Depending on your payment history and yoru score and your debt to income ration, you may have to make a higher down payment, and your interest may be higher. You may want to consider this before you apply. You should continue to rent for a few more years, pay off 90% of your revolving debt, pay down your student loans as much as possible. You do not want to put yourself in a bind. I do not know your financial situation but you want to pay off that dept as soon as possible so you can put that extra money somewhere else. Idea. . . . If you have not consolidated your student loan debt, you should do that, but leave the smallest ballance un-consolidated. The reason for doing this, if all of your accounts are consolidated then you cannot consolidate again because they are already done so. Why would you want to consolidate again, because interest rates may drop a few points, and it will save you thousands.
    a few seconds ago

    Other Answers

    • If you have enough income to afford mortgage payments, you have enough to start paying down those student loans. I would concentrate on digging myself out of that debt before going into more to buy a home.

      by dh1989 - 18 hours ago

    • Pay off the medical bills. Make sure they are off your report before you apply for a loan. Having a small amount on your credit card and making timely payments on it are an asset to your credit score. Make sure your debt to income ratio is 36% or lower. Example: Say your yearly income is 10,000. the total of all your payments(including your new home)cars,credit cards, student loans, can not total more than 3,600 per year. Paying the overdue medical bills should give you a small 10-25 point bump up in your credit score within 3 months.

      by cagsr1957 - 18 hours ago

    • Yea u can..but its probably gonna take some frustration, denials, and looking around a lot. We just got a mortgage with a 580 credit score and stated income (which is even harder)..but it was VERY hard. If the property you are interested in is FHA approved, it'll be even easier. Try going to topdot.com, and look in a search engine for low credit score mortgages in your area. Be prepared to put down at least 3-5%, and not have the best interest rate. You could also try paying once of those credit repair companies (like lexington law), to fix your credit. It usually takes 60 days, and your score will improve dramatically (check out websites for that also), and it'll save u a lot of money with your interest (those places usually charge around $300, but it'll be worth it). But either way, you should be ok. If we could get a mortgage, anyone can lol. I really hope that helps, & if you have anymore questions about it, feel free to email me.

      by mal.tjb - 18 hours ago

    • If you stay on the right path and pay down those cards i can definitely see you getting the home loan. Just make sure that your employment is stable and all of your bank accounts in the next few months are positive and in good shape. Also try to also save a little bit of money for reserves to cover a few months of mortgage payments. Good luck.

      by candi h - 18 hours ago

    • It's not impossible but it will be difficult. Get as much debt paid off as possible. I am not sure about the medical bill situation. Good luck.

      by Just Wondering - 18 hours ago

    • the medical bills shouldnt really effect it because they had to treat you but the loans you should pay off some off it try going to freecreditsreport.com good luck on the house

      by Summer M - 18 hours ago

    • you can get a hone loan with any credit score you might not like the interest payments

      by barry c - 18 hours ago

    • probably not with that much debt.

      by Butchy Karen - 18 hours ago

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