I have a credit score of 450 and I want to buy a home is it possible.?

Answer:
If you can come up with 10-20% and are willing to pay a really high interest rate.. MAYBE. Typically most lenders like to see a score of 620 or above.

To that end, more goes into determine your credit-worthiness when buying a home than your credit score.. like your income. But I'd have to say you aren't going to find a lot of folks willing to loan you money at a decent interest rate with a score of 450, you could expect to pay 10% or even significantly more than that.

Yes with a good down payment and a higher interest rate.Remember after you rebuild your credit with ontime payments you can refinance at a lower rate.

I talked to a new homeowner a few years ago who got a

mortgage with a 425 credit score under the following conditions.

1. They had to make a 20% down payment on the House.

2. They were paying a 12% interest rate.

3. The monthly mortgage was debited from their checking
account the first day of every month.

4. They paid one additional months mortgage at closing
to be held in case they ever did not have enough funds
in their account for the next mortgage payment.

In my opinion you are better off rebuilding your credit instead

of having to agree to terms like that.

450 is very low. It depends on WHY your credit score is that low. Do you have a lot of collections, civil judgments, late payments, or are you over your limits? Or, do you just not have that much credit established? How long have you been at your current job and employment history is another major factor. You will need a very large down payment. Most banks like to see 10 to 20% anyway. And, you will have a high interest rate and may need a co-signer. There is only one way to find out. Go apply for one.

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450 is very very low. The lowest score is 400 and you are barely over that. Your main focus right now is to get that score up to the 650+ range and that takes some time. Even if someone were to risk it and give you a mortgage the interest would be through the roof. Put if off for a while as you improve your credit and use that time to bulk up your downpayment.

See "Raising Your Credit Score"
http://finance-girl.blogspot.com/2006/09.

you can find a list of home lenders here that will get you in your new house http://www.wesayes.com

Start paying your bills

anything is possible,.. however I would suggest you increase your credit score then apply for a home loan

With a credit score like that, do you really intend to pay the lender back? I wouldn't.

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