Credit Score in Dallas>Question Details

Kjones3742, Home Buyer in Dallas, TX

Are there any banks in the DFW area that will finance a home with 580 credit scores?

Asked by Kjones3742, Dallas, TX Sun Mar 4, 2012

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17
Trevor Curran’s answer
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.


It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
0 votes Thank Flag Link Mon Apr 16, 2012
Yes Sir here is the guide lines.. must have a 12 months rental history , employment in the same job field for 24 mos and 3 months of PITI in reserve... give me a call thanks
0 votes Thank Flag Link Fri Apr 4, 2014
We do!

J. Scott Harris
Gold Financial
Vice President
Business Development & Recruiting NMLS 375517
5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Scott@jscottharris.com
0 votes Thank Flag Link Fri Apr 4, 2014
Yes, I know a handful of lenders in Texas that can work with a 580 credit score for FHA and VA loans.Visit our website or email me if you would like a referral to a lender that can help.
0 votes Thank Flag Link Sun Mar 23, 2014
Yes I can finance a FHA loan with a 580 credit score give me a call

214-557-3312\
0 votes Thank Flag Link Mon Sep 30, 2013
Yes, 580 will do. I have lenders that can assist you get a loan if you are still on the market of purchasing a home, feel free to call me.


Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net
http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Sat May 25, 2013
Yes, the credit score requirements have recently changed. For a list of amazing mortgage consultants feel free to visit http://www.SimplyDallas.com I'd be happy to personally refer some contacts to you as well...
0 votes Thank Flag Link Wed May 22, 2013
Yes I have a lender that will do 580 credit scores
0 votes Thank Flag Link Thu May 16, 2013
hi could you please send me the lender info, my email is asimkhan78@hotmail.com
Flag Mon Feb 16, 2015
could you also email me that lenders info also. im at a score of 580 as well and if you do know a lender that will work with me that would be great. tonyphoxayvong@yahoo.com
Flag Sun Jun 9, 2013
Yes if you could email me the lender I would appreciate it. kjones1110@gmail.com
Flag Wed May 22, 2013
I think there are, contact any lender of our choice to get hard, real answers.
0 votes Thank Flag Link Fri May 3, 2013
Unfortunately lenders want to see a minimum of a 620 to 640 credit score. Do you know why your scores are so low? If you would like help deciphering what is going on with your credit please do not hesitate to call me.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of 10+ years
http://www.everlastingcredit.com

We also have DIY Packages available.
0 votes Thank Flag Link Fri May 3, 2013
With 20% down I can finance a conventional loan, it would be a Fannie Mae backed loan. I can also offer FHA financing with a 600 score. You may want to check services such as Omega Credit Repair to see if making an attempt to improve your scores and waiting 90 days is worth it while you financially restructure in addition to saving more money. When your scores are low, down payment is high in addition to reserves in the bank, they may want to see as much as 6 months PITI. A friend of mine just paid all of his credit cards down to a 10% balance and he went from 579 to 642 and is closing March 23rd on his new house. Now he started working on his credit in October of last year. We are now all working within a system that has layered complexities that are far more than just a credit score. As soon as consumers become more aware of this more people will start preparing months in advance to buy a home. The days of waking up on a Saturday morning and going to buy a house the same day are over.
0 votes Thank Flag Link Mon Mar 5, 2012
I have a couple investors that will do 580 credit scores.. give me a call 214-557-3312
0 votes Thank Flag Link Mon Mar 5, 2012
I've got a guy at a smaller bank that will finance loans on a 5 year arm. The thought being in 5 years, your score will be better and you can refi into a better loan.

Contact me in the morning and we can get started.

Kevin D. Brown
972.379.8931
Kevin@kdbpropertiesdfw.com
0 votes Thank Flag Link Sun Mar 4, 2012
Most lenders require a 625 + credit score. Recommend to contact mortgage brokers or increase your credit scores through credit repair.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Mar 4, 2012
There are, but I think you'll need to put down 10%. It might not take you that long to get it up to 600 though, which will work.

Call me and I'll get you in touch with them.

Beau Beasley
214 966-2100
0 votes Thank Flag Link Sun Mar 4, 2012
If you want an FHA loan, NO. You need at least a 640. I think you might be better off contacting a lender. They will qualify you for FREE in most cases. Then you will know.
0 votes Thank Flag Link Sun Mar 4, 2012
Yes there are! Call me ASAP!

Jena Dentone
RE/MAX Four Corners
972-467-8444
0 votes Thank Flag Link Sun Mar 4, 2012
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