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Approximately how large of a home loan can you expect with a FICO credit score around 600 and 10K for a downpayment?
Wiki User
∙ 18y ago
The biggest factor will be your income. Even though you have a low credit score, you should be able to get a home loan because the home is collateral. Your income will be the determining factor of how much you can borrow. Based on my quick review, in California, with 10% down and 600 score, lenders going as high as 850K in loan amount. Unfortunately, a 600 score qualifies for non-prime (higher) interest rates. Depending on your credit situation you may be better served by applying a portion of the downpayment cash towards outstanding credit card debt. I've seen credit scores raised 40-60 points in less than 30 days. A 620 score can qualify borrower for "A paper" loan AND 100% financing (depending on contents of credit report). The downpayment funds can be used to payoff high interest debts.
Wiki User
∙ 18y ago
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