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Question By
tiaria86

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my score is 501 is there any chance of getting a mortgage loan for first time home buyer?

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Not at a reasonable interest rate, if at all.  Please work on building your credit before considering such a large purchase.  Home ownership has additional expenses outside of the loan repayment such as insurance, property taxes and the inevitable repair or replacement of appliances that you should think about, too. 

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Chances are not good. As said, work on building your credit up FIRST and save some money for a down payment.

Top Contributor
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There are many articles on this site and across the net about building and rebuilding credit. Read as much as you can and any questions along the way, feel free to ask. It can be done with some hard work. There is hope.

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