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TheSunKing

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I have a low credit score - can I still get a mortgage?
I have a credit score of 592, mostly due to medical debt, my income is $70k, can you help me with a mortgage?

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I've had 3 years experience in the mortgage industry, and unfortunately, your score is not high enough for most lenders. A 592 credit score is low in today's lending environment and you would not be eligible for very many mortgage programs even with your income being $70,000. You typically need to have a 680 or higher in order to qualify for the better rates out there. However, there are some FHA programs that do not have a credit requirement and you might be able to qualify depending on the down payment, your other debts, and other factors.

If the medical debt is the main source of your depressed credit score, I would suggest that you resolve that situation first and foremost. If the debt is still outstanding on your credit report, you should try to enter a payment program to pay the debt off as well as pay everything else on time so you can re-establish your trade lines. Once your medical debt has been paid off, you will see your credit scores rise significantly. Remember, credit scores do not change overnight; you will have to be diligent in your payments in order to repair your credit.

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Top Contributor
19 Contributions
79 People Helped

Helpful to 3 out of 3 people

I've had 3 years experience in the mortgage industry, and unfortunately, your score is not high enough for most lenders. A 592 credit score is low in today's lending environment and you would not be eligible for very many mortgage programs even with your income being $70,000. You typically need to have a 680 or higher in order to qualify for the better rates out there. However, there are some FHA programs that do not have a credit requirement and you might be able to qualify depending on the down payment, your other debts, and other factors.

If the medical debt is the main source of your depressed credit score, I would suggest that you resolve that situation first and foremost. If the debt is still outstanding on your credit report, you should try to enter a payment program to pay the debt off as well as pay everything else on time so you can re-establish your trade lines. Once your medical debt has been paid off, you will see your credit scores rise significantly. Remember, credit scores do not change overnight; you will have to be diligent in your payments in order to repair your credit.

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I'm currently working on cleaning up my credit to qualify for a mortgage. However, I have a VA certificate because I am retired military. What fico score do you need to qualify for a VA mortgage?

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