Rather than return a credit score, it returns a Resident Score.

Young people also have bad credit scores because they haven't borrowed. 

I’m currently looking at a very low 500 credit score.

@Aziz BangurahAlso, make sure you prequalify your tenants by using websites like Smart Move to check credit scores, eviction, income, and criminal check.

Also, the Limited 203k is the only version of the 203k that has a provision that MAY allow the contractor to receive 50% of the material cost up front, but that's only if the contractor can prove to the lender that they don't have strong finances and need $$$ and then the lender approves their request.

I am a single 28 year old male, have been renting for 7 years now and am looking to buy a home in 2-3 years.Any advice for someone who has about a 580 credit score...?

I guess this all depends upon the area being spoken of combined with the bedrooms, ect.At the lower end of income and not qualifying any other way, they will probably have a lower credit score, which will increase the points paid from your 5.5 to at least 7.5 which changes that payment (without taxes and ins) to 300.00 plus your figures for taxes and ins (which I think are a little low) would make the total mortgage at least 480.00Things in depressed areas rent for 250 to 500 depending on bedrooms.

I havent had a credit card since college 8 years ago, I am a renter, and my score is 600 at last check.

Oftentimes, the small banks will look at more than just your DTI...they'll consider your assets/cash, your FICO, the deal, your experience, etc.When I started in real estate, I had no income, but I was able to get large lines of credit based on my assets and FICO score.

Even for the free version?