Asked by Jamie  |  Submitted December 22, 2019

Can my fiancé and I get a first time homeowner loan if our credit score is 520?

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  Answers  |  1

January 07, 2020

Having a good credit score and a report that is free of blemishes and late payments is key to purchasing a home. Your credit score will impact not only the mortgage that you qualify for but also the interest rate you pay. It would therefore be wise to wait until you've raised your credit score and cleaned up your report before applying for a mortgage. This could save you a lot in interest payments over the life of your home loan.

We recommend the following articles on MoneyTips to help you rebuild your credit.

How to Rebuild Your Credit Score Fast
5 Steps to Rebuild Your Credit
Build your Credit Score with a Secured Credit Card
5 Things Not to Do When Rebuilding Your Credit
9 Simple Ways To Raise Your Credit Score – Free EBook

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