How to Fix Your Credit to Buy a Home

Don’t be discouraged, you can get your score up! A good credit score means you’ll get a great mortgage. A bad credit score means you need to do some credit repair, not that you won’t be able to buy a home. Credit scores, also called FICO scores, range from 300  to 850. For an FHA loan you have to have 580 fico for 3.5% Down, 620 or better for Assistance Programs, 550 or better for with 10% Down. For Conventional you need to be much higher depending on the down payment as well. You can do it yourself or you can hire someone to do it for you.

**If you have absolutely NO CREDIT and have no negative items, you can qualify right away with 3 alternative forms of credit! One has to be substantial like your rent history, but the other two can be anything from cable or utility bills to gym memberships or magazine subscriptions. They just have to have a significant history length and have been paid on time.

 

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