I disagree with some of the statements in the previous answers. A credit score of 600 flat is not great. In fact it’s rather poor, though not terrible. But why settle for poor when you can get to average, good, or great?

I would recommend fine tuning your credit until you get to a 660+, otherwise you’re simply settling for a higher interest rate. If you’re in no rush, you should wait. Especially since home prices seem to be falling still.

Depending on what you put down, you’ll likely have a rate in the high 7s, whereas with a 660+ you could secure an interest rate in the low 6s. It does depend on other factors, but credit is big determinant in what financing you will ultimately receive, so be patient.

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Have you talked to a Loan officer / Mortgage Broker yet?

That is the best way to start. Their are programs out there to help get your payment down. You do need to be sure that the program is something that you want.

Mid to low 600’s is not bad by any means. What is your credit at. There are programs that if you have better credit you could run the loan off of your credit until he gets his score up higher.

If you would like you can email me and I can give you more specific information. I am a loan officer and I would be willing to run some numbers for you.

My email is

My husband is a loan officer and might be able to help you get a lower interest rate. I can’t post any information on here or I will get reported for advertising. If you would like more information feel free to email me.

first off, never buy a home that you cannot afford… your payments will go up every year due to taxes , for instance me and my husband bought a house at $101,000. our payments when we first moved in, with escrow included and a 6% intrest rate… were $701… now, only after living here 3 years, our payments are $968, and we recieved a letter saying that starting this coming july.. we are getting another increase…. and we do not have any fluctuating rates or antyhing… just all do to taxes… so… just be careful. always go for a home that you know you can well afford, because as the years go on, it wil increase by hundreds… but good luck anyways… try going to a bank for financing and see where they stand with you, because they are the hardest to try and get loans from.. but good luck.

If the home is too high for what you feel comfortable paying per month, you need to look at lower priced homes. This is why so many people find themselves in forclosure. Do you have good credit? If so, you could potentially apply for the mortgage in your name only. If you need his income and yours combined to afford the mortgage, I suggest holding off for another year. With a score in the mid-600’s, as long as he keeps paying on time and eliminates all cc debt, it should steadily increase. Go to myfico.com to find the national average for mortgage rates.