Buying my first property

5 Replies

Hey what's going on I just want some input. I'm trying to buy my first property I just graduated from college in December and I'm trying to get into real estate. I was wondering could I get a mortgage with a score of 575. Only have a car loan that I just got, two credit card that I haven't over used and been paying on time. Recently got a secured credit card, also have student loans that I have been paying on time.The only collections I have add up to $900. Is it possible for me to get a mortgage loan? Or do I have to work on my credit some more?

Thank you in advance

I'm no expert but it may be difficult. Interest is likely going to be high. Have you tried to get prequalified?

work on your credit. You can also get a hard money loan easier but you will be paying more interest.

Hi Bryant, I'm a Realtor in Michigan. You should know that the lower your credit score the higher the interest rates you will have to pay and that could easily add up to thousands of dollars over the years.  Paying your loans on time is a great way to improve your current score.  I often work with mortgage lenders in my business. Many such as Fannie Mae, will accept a score of 635 is the lowest score they work with but don't hold me to it. Do your own online investigation.  

My suggestion would be to hold off a little while longer. Now that you have a credit card, use it once a month and pay it in full and on time every month.  This will go a long way to building up a positive credit history for you.  Credit is everything in our economy, so nuture it carefully and protect it!  

Hope this helps. :-)

Agree with others.  Get your credit score up.  I messed up my credit pretty bad when I was in college, and it took a while to get it back.  I ended up calling all of my negative accounts and asked them to remove the derogatory item completely from my report if I paid them in full.  I was able to get a lot of them to do it.  I had to call some every day for months because they would keep telling me it was impossible, but you just need to talk to the right person.  Keep working on your credit and it will keep going on. 

Also, I know if you have any judgements on your credit report such as credit card companies that took you to court and won and went into collection, you typically will be automatically disqualified from getting a mortgage.  To get rid of those, you will have to call up the creditor and settle the account.  You can usually do this for pennies on the dollar.  They won't necessarily remove it from your credit report, but they will report it as "satisfied" instead of having a judgement.

Keep working on it and don't let it bring you down. 

Thanks everyone for the feedback I really appreciate it

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