500 credit score loans

If my credit score is below 500 and I’m trying to get a mortgage loan what can I do to qualify?

I have gone to the bank to apply for a mortgage loan, but was turned down because my credit score is in the high 400s so then I got someone with a 550 credit score to co-sign and was still turned down what can I do to qualify for a mortgage loan? I am 19 and have two credit cards that I was behind on for 2 months, but have paid one off now that was 500 credit limit and the other which is a 4,000 credit limit down to $1,000 and it has been almost 2 months since the banker turned me down will my credit score have gone up a little bit in the past months or at least been updated? How else can I try to qualify if it hasn’t?

credit scores do not get much lower than yours. Anything below 630 it trouble. 670 is average and anything over 700 is good.

It does not take 24 months to improve, but 12 is a safe bet. Make payments on time and keep your balances away from the credit limit. do not use more than 30% of the credit available to you and do not revolve more than 15% of your income on credit cards. doing these things will improve your score, but again it takes time. do not just pay off all your cards as banks want to see that you are able to handle have credit (you do not need to revolve balances, just use cards and pay in full every month)

Credit is also not the only determining factor in getting a mortgage. They will also want proof of income and you need to make enough to afford the house you are buying. the recent sub prime morgtage debacle will make things even harder for you as banks are less likely to make risky loans.