Good evening Deandra.

Even though there are a lender or two that may deal with a 580 fico, it would be a great help to have that score brought up to the 620 mark if possible. I would suggest checking your credit report on all three bureaus and see what you can do to bring it up.

Even with a lender who would do an FHA loan with 3.5% down and a 580 fico, the offers would probably scare off most banks from accepting your offer. An example would be that if you had several identical offer amounts, all fha at 3.5% down, the bank would probably consider the highest credit scores above those offers whose buyers were lower due to a lower perceived risk factor.

However, check to see what is out there and what might work best for your situation.

If i can help you in any way, please feel free to call or email me.

Sincerely,

Matt McClain
Axiom Real Estate / Axiom Lending
626-354-3813

Deandra:

I have one lender who is still doing FHA loans wih a 580 mid score and this could change any day, as there are rumblings that the standard for FHA will be going from 620 to 640 in the near future. Contact me directly if you would like to explore your options further. You may need to move quickly in identifying a home. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes
http://shel-lee.listingbook.com

Have you consider a lease option purchase increase your credit scores where you can qualify for a loan.

580 credit score more than likely no

I do consultant across country review credit reports for repair issues or concerns. It takes approx. 60 -90 increase

Hope these suggestions assist in your situation.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911