Home Buying in 62058>Question Details

Autumnl04, Home Buyer in 62058

I have a credit score of 596 can I get a home loan

Asked by Autumnl04, 62058 Mon Sep 27, 2010

I have a credit score of 596. Is it at all possible to get a home loan?

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Answers

6
You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can!
3 votes Thank Flag Link Mon Jul 15, 2013
Thanks just helped me, God Bless.
Flag Sat Aug 23, 2014
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Tue May 13, 2014
Hi Autumn!

It depends on the lender, the amount of your down payment, etc.

Even if your score is too low to qualify right now, I know plenty of local lenders that will be happy to work with you on getting your score up and help you start down the path to home ownership.

Feel free to contact me if you'd like a list of lenders in our area.

Have a great evening!!

Kristina Pratt, REALTOR
RE/MAX Preferred Partners
One 157 Center
Edwardsville, IL 62025

619-917-0775
0 votes Thank Flag Link Mon Sep 27, 2010
Hi there --
Yes from me - I'm sure that my FHA dept will work with you --
It is true most bank type lenders want 640 scores BUT there are alternative with a variety of other lenders for a FHA loan.
Sincerely,
Celia Butler
Lending in all 50 states!
Web Reference: http://www.homeloandiva.com
0 votes Thank Flag Link Mon Sep 27, 2010
Hi Celia, I am in PA with a credit score of 596 as well with a few accounts in collections. I have money for a decent downpayment and am looking for a home loan in the range of $50k to $90k. Can you help or direct me to the right place? Maybe subprime or non prime? An adjustable rate maybe?
Flag Mon Oct 1, 2012
You are so close to being able to get a home! I know of reputable lenders who have been in business for many years and so have their companies who will qualify a borrower with a 600 credit score. Also, they can help you do a rapid re-score by looking at all of the items on your credit report, run scenarios on what would happen to your score if this got paid off or that balance was reduced and then do a rapid rescore to get the answer. It's great because then all you have to do is follow the road map that they've given you and your score will improve quickly. If you're only 4 points away, it shouldn't take much to make that happen. Let me know what city you're in and I'll see if the lenders I do business with can help or refer you to a lender in your area.
0 votes Thank Flag Link Mon Sep 27, 2010
it all depends on which loan program you go with, typically lenders need a 640, but you need to know what is holding your credit score down, and what needs to be done to raise it. That is the first thing you need to address before even looking at homes,
Web Reference: http://www.mortgagegals.com
0 votes Thank Flag Link Mon Sep 27, 2010
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