Lower scores often trigger higher down payment requirements to offset the lender's risk. Your Best Options
You will likely pay several percentage points above the market average, adding tens of thousands of dollars to the total cost of the loan. my credit score is 500 can i buy a house
If you choose to move forward now, your primary path is an . The Federal Housing Administration allows for scores as low as 500, but there is a catch: Lower scores often trigger higher down payment requirements
While it is technically possible to buy now, waiting six to twelve months to improve your score is usually the better financial move. Moving your score from 500 to 580 or 620 could: Lower your required down payment from 10% to 3.5%. my credit score is 500 can i buy a house