Brevard County · Buying
Buying with lower credit in Brevard County
An honest estimate, a lender, and a registered credit specialist if you want one. No upfront fees.
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If your credit score is lower than you would like, you might feel embarrassed, or like owning a home is for other people. Credit can drop for many reasons: a medical bill, a job loss, a divorce, or simply never having used credit much. A score is a number about your past bills. It is not a judgment of who you are.
Lower credit can make buying harder, but it does not always make it impossible. Some loans are built for buyers with lower scores, and there are free, honest ways to check and improve your credit. There are also people who will try to sell you shortcuts, and it helps to know what the law says they can and cannot do.
Below is what score ranges really mean for common loans, how to check and fix your credit for free, and how to tell real help from a scam.
What’s different for you
- Get an honest estimate. Your credit range is part of the four questions.
- Meet a lender. They know which loans fit lower scores.
- Get credit help if you want it. A Florida-registered, bonded credit specialist, with no upfront fees.
When you start in CloseHive from this page, your plan already includes these steps, along with the usual ones for buying in Brevard County. You always see what to do next, and your agent handles the how.
What to know
FHA has published minimum scores
HUD's rules say borrowers with a credit score of 580 or higher can get FHA's maximum financing, which allows as little as 3.5% down. Scores from 500 to 579 can still qualify, but the loan is limited to 90% of the value, which means about 10% down. Below 500, FHA financing is not available.
Lenders can ask for more
These are FHA's minimums. A lender can set its own higher requirements. If one lender says no, another may say yes, so it can help to ask more than one. Florida Housing Finance Corporation's down payment programs list a 640 minimum score.
Lower scores usually cost more
With lower credit, your rate and mortgage insurance can be higher, which raises your monthly payment. The CFPB says FHA loans can often be the lowest-cost option for borrowers with lower scores or small down payments, but it depends on the market, so compare FHA and conventional quotes.
Check your credit reports for free
You can get free credit reports from each of the three national credit bureaus at AnnualCreditReport.com. The bureaus have made free weekly reports permanent. Look for accounts that are not yours, wrong late payments or old debts listed twice.
Fix errors yourself, free
The FTC says you can dispute mistakes yourself for free by writing to the credit bureau and to the business that reported the information. Accurate negative information cannot be legally removed if it is correct and up to date, but it fades over time as you pay on time.
Know the rules for credit repair companies
Under federal law, credit repair companies cannot charge you before they help you, and they must give you a contract that includes a three-day right to cancel at no charge. In Florida, a credit service organization cannot take money before fully performing its services unless it has a $10,000 surety bond and keeps advance payments in a trust account. Anyone who promises to remove accurate information is not telling the truth.
Free counseling is available
HUD-approved housing counseling agencies help people get ready to buy a home. A counselor can review your credit and budget and help you make a plan. Find one through the CFPB's tool or by calling (855) 411-2372.
Your options
What to gather
- Your free credit reports from all three bureaus at AnnualCreditReport.com
- A list of any errors you find, with proof
- Copies of dispute letters you send and the dates
- Your last two pay stubs and last two years of W-2s
- Two recent bank statements
- A list of monthly debts and their minimum payments
- Letters explaining any past problem, like a medical bill or job loss, if a lender asks
- A free appointment with a HUD-approved housing counselor
- Quotes from more than one lender
Mistakes to avoid
- Paying a company up front to fix your credit. Federal law says credit repair companies cannot charge before they help you. You can dispute errors yourself for free.
- Believing promises to erase accurate information. Only errors can be removed. Anyone who says otherwise is not telling the truth.
- Closing old accounts or opening new ones right before applying. Changes to your credit can affect your approval. Ask your lender before making any change.
- Stopping after one 'no'. Lenders can have different requirements above FHA's minimums. Ask more than one, and ask what would change the answer.
Brevard County in numbers
- The typical home in Brevard County is worth about $339,600, and 77% of homes are lived in by their owners.
- Typical rent here is about $1,556 a month, including utilities.
Free help
Questions people ask
Can I buy a home with a 600 credit score?
Some loans allow it; a lender tells you which fit your situation.
Can I buy a house with a 580 credit score?
It may be possible. HUD's FHA rules allow maximum financing, as little as 3.5% down, with a score of 580 or higher. Each lender can set higher requirements, so ask more than one.
Can I get a mortgage with a credit score under 580?
FHA allows scores from 500 to 579 with the loan limited to 90% of the value, about 10% down. Below 500, FHA financing is not available. Not every lender accepts scores in that range.
How do I check my credit for free?
Go to AnnualCreditReport.com. You can get free reports from each of the three national credit bureaus, and weekly free reports are now permanent.
How do I fix errors on my credit report?
Write to the credit bureau and to the business that reported the information. Explain the error and include copies of proof. It costs nothing.
Are credit repair companies legit?
Some are, but many make false promises. By law they cannot charge before helping you and must give you a three-day right to cancel. In Florida, a credit service organization needs a $10,000 bond to take money in advance.
Will checking my own credit lower my score?
No. Checking your own credit reports does not lower your score.
Does a lower score mean a higher payment?
Usually. Lower scores often mean a higher rate or mortgage insurance cost. Comparing Loan Estimates from several lenders shows the real difference.
Can I use down payment help with lower credit?
Florida Housing's programs list a 640 minimum score. Other programs may differ, so ask a lender or housing counselor.