Let me get this right…About Credit, Mortgages and Interest Rates?

I am going to be coming into money in the next few months and I will have to move very soon after getting it. I will be paying off what is on all of my credit reports, but I read that it takes 4 to 6 weeks before my score will improve and even at that I don’t think it would help that much.

Even though I have really bad credit (under 500 I think, cause I have about $ 1,700 on all my credit reports.) Can I still get a mortgage loan from just about anyone as long as I can pay 30% down? What about 20% down? What would my interest rate be?
None of my debt is credit card debt. So, I won’t be able to get any new credit for awhile. You still didn’t answer my question though…and it seems that I would be able to get a loan, but what would the interest rate be?

And sorry, I am way tired of renting. I would be even more annoyed if every place I tried to rent out I got turned down for cause of my credit. Better to own.

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