Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
5y
Banks will not lend solely on your credit score. It is a combination of your credit score, income, and debt-to-income ratio. You are going to have to ask around a bit before you find a bank that will lend on 550. Most aren't willing to lend on that score in this environment as bank are risk adverse. I would suggest taking some of that $40k and paying off some of your debts to try and get that credit score up. Then it will be easier to get a home loan.
Lender · Frisco, TX · Member since 2019 · 546 posts · 270 votes
5y
Probably not a lot, especially if you're looking to buy an investment property. Investment properties have the highest rate of default and your credit score is a reflection of how well you've paid back money that has been lent out to you