You'd have to find a bank that holds its own paper. In other words, if they are going to do a loan with a 580 score, they know no one will buy paper like that. So, they'll be stuck with your loan for quite a while. It would have to be a small community bank. I can do 580 FHA loans but I won't do 580 FHA loans because the underwriting criteria is so crazy that it takes an act of congress to get you approved.
As I mentioned in another response, doing loans below a certain amount (usually less than 80k) doesn't pay well and most loan officers and banks won't spend the time working on a difficult loan to earn $300 to $400 when they can be spending their time earning $3000 to $4000 on someone else.
You'll need to check with Wells Fargo if you're going to have any chance to close.
Quicken is pretty much staying at 720 and above. They got burned real bad doing sub 700 scores. Once in a while, for Public Relations, they'll do a low score loan to show they do stuff like that.... more