FHA mortgages are available to borrowers with low credit scores down to 500 with a 10% downpayment.
If you a 580 credit score you could qualify for an FHA loan with just a 3.5% down payment.
Having good scores will make the process of renting simpler.
A good credit score is considered to be 700 or higher.
What credit score do you need to qualify for an apartment?
A FICO score ranges from 300 to 850. Generally speaking, anything over 740 is considered excellent, anything below 650 is considered fair. Technically, a score of 620 would be considered a fair score in the eyes of FICO.
How can I get approved for an apartment with low credit?
Here are eight things you can do to bolster your chances of signing that apartment lease.
- Know where you stand.
- Take a closer look.
- Be upfront about credit issues.
- Provide alternate proof of good credit history.
- Shop in several neighborhoods.
- Get a co-signer or a roommate.
- Pay more upfront.
Can I get approved for an apartment with a 600 credit score?
Apartment Credit Scores
Typically, a credit score of 620 or above will enable you to obtain an apartment lease with relatively little trouble. Apartment leasing sources state that credit scores lower than 620 receive a “high risk of default” rating along with a leasing denial.
Can you rent if you have bad credit?
But credit is important for renting as well. Some landlords won’t rent to people with low credit scores. This doesn’t mean you can’t rent a home or apartment, though. There are some ways to get around this and prove to a potential landlord that you can afford to pay and will make payments on time.