That is absolutely untrue. If you're a first time homebuyer, there are several opportunities for you. Please contact me and we can discuss your situation in particular. I have helped several people with credit scores lower than a 625 and have been very successful. My contact information is listed below. Thanks and look forward to helping you! Monica

Monica Flores, ASR, SRES
Realtor/Notary Public
Remax Affiliates NE
215-992-5539
267-979-6038
monicaflores@remax.net

The broker you went to is correct. (and not to mention working in YOUR best interest). Your credit score will determine your interest rate.
How to fix your credit score:
Take a look at your bills. Mainly your credit cards. It is imperitive that you keep them under the maximum credit amount. (example..if your max credit amount on 1 card is 1,000.00..then the most you should put on that card is $500 to $750 tops or 50 to 75%)You must do this for ALL your cards.
Another great tip is NEVER close a credit card account..especially ones that you have had for a long time.
TIP 3: DO not make any large purchases on credit during the year you are going to buy a home. (ex: finacing furniture, or a big screen TV, etc..wait until AFTER you buy your home).
Tip 4: Check your credit reports(all 3) and be sure there arent any descepencies..and if their are..immediatley start disputing them.

credit karma is a great website also so is credit sesame.

I think the best way to do this would be to pay off (or pay as much as possible off) your credit cards and loans. Credit cards get people into trouble and when you go to buy a house, they are going to want to see that you aren't maxing out your credit cards and are able to pay off what you owe

Also, be sure to check with the credit bureaus and review your reports. You can dispute any charges or claims that you feel are unjustified and you'll also get a better idea of what gets reported

Bank of America was giving loans with people with a 580 credit score. I did sell customers a house with that sort of score this past summer.
Marcie Purcell
Long and Foster Real Estate, Inc
Cell: 215-534-2539
Office: 215-348-0000
www.purcellsellshomes.com

There are many programs out there that will help put you in a homeand build your credit at the same time. Go to http://unwantedmortgage.com for more information

The first thing to do is consolidate your debts. Get rid of all your credit cards except one for emergencies and pay off everything you owe. Use cash for your purchases and only use the credit card for things you know you can afford to pay for and pay on time. Eventually, as you continue to pay on time, your credit will improve but it takes time to get there. Check your credit report to be sure there are not mistakes on it that you can dispute.

Hello All, I have authored two articles about how to repair credit. One article is about how lenders determine if you are credit worthy and the other article is about how to correct bad credit. They can be found at: http://www.beverlychandran.com/mortgagesresidentia...

http://www.beverlychandran.com/mortgagesresidentia...

Good luck!

Beverly D Chandran, RE
Coldwell Banker Welker Real Estate
www.beverlychandran.com
www.PurchaseSellRealEstate.com