You now know that you can buy a home with a 600 credit score. So what else is need to qualify for a mortgage? Surely its not just a credit score... Right? Correct, there's a bit more to it.
Let's start with that 600 FICO:
- Open and Active Accounts: You must to have at least 1 open and active credit account reporting in your name for the last 12 months. The account can be a major credit card, car loan, student loan, or any installment loans that are paid monthly and report to one or more of the 3 credit bureaus; Experian, Equifax and/or Trans Union. However, the more accounts in your name the better.