Is there a credit score where its impossible to get a mortgage?

we have credit scores of 530 and 545 but we have money (approx. 20,000 plus we own the property we want to build on) to put down. is it even possible? we have a mortgage right now and we're actually very good with payments on that but our score never moves up its only gone down due to medical collections and 3 late payments on our credit card. so we once had 680 and 570 and now look. so should we even have hope to get a mortgage for 180,000?

Answer:
You will need a 580 or so to get a mortgage with anything resembling a decent rate, a little less than that if you have 20% down. I would focus on my credit here and eliminate/fix any errors. First things first, challenge the collections or settle them. Best thing to do is not to have any collections, but that's a moot point now. Second, send a goodwill letter to clear up the lates on the credit card. Keep your balances as low as you can as they will jack your rate if you're late or over your limit.

Depending on the reasons for your late payments and collections a FHA loan is possible and their are other alternative lenders out there who may be able to help you there's other factors that will come into play like income and job history. I'm a loan officer let me know if you need any help

I have one med debt currently. This is why I can't get a mortage yet to buy a home. If you have collections you probably need to get them paid off first.

LoansGood.com

Is there a credit score where its impossible to get a mortgage?

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