Can i get a mortgage with a credit score near 600?

I have been reestablishung my credit, so i have gotten four credit cards all with 300 - 500 limits. I have been using them, the longest 18 months the newest 4months. however due to me using them and paying them every month they were showing near the limit so i payed them all in half, and haven't touched them for a few weeks now but they still show nearly maxed. I realize that it will take a few months for my score to bounce, but i wanted to purchase a property, can and if so where?

600 is extremely low and will mean you can expect to pay 3-4% more in interest rates, so instead of say 6%, you'll have to pay closer to 10%, or even more.

Now with the lending crisis, lenders are really getting strict about who they lend to and they may even charge you much much more than 10%. Each 1% on a $100,000 loan is about an extra $125 in payment, so times that by 3 or 4, and you'll be paying an awful lot in interest.

If it's only been a couple of weeks since you paid down the bills, then you'll have to wait a bit longer. The credit card companies haven't seen a pattern yet in your payment history, so it will take a couple months for them to adjust the credit score.

FHA loans are not score-driven and have close to prime rates on their mortgages, plus an additional mortgage insurance premium. 600 scores are common for these loan types - you just have to find an FHA lender.

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