Home Buying in 92201>Question Details

Nathan Cozad, Other/Just Looking in Desert Hot Springs, CA

I have a 594 credit score who will loan to me?

Asked by Nathan Cozad, Desert Hot Springs, CA Wed Jun 29, 2011

My lowest score is 596, highest is 652

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6
Nathan you should be able to get approved, FHA loans require a 580 score, Conventional require a 620.. I recommend The Lenders Network, they can refer you to an agent to help you find a home and a Lender or two that can get you pre approved.

Good Luck!
1 vote Thank Flag Link Sat Sep 28, 2013
Thanks for the referral Jessica! They were able to help me out!
Flag Sun May 4, 2014
We can do FHA 3.5% down payment with that credit score provided that your debt to income ratio doesn't exceed 31/43. We can determine what your debt to income ratio is after reviewing your complete financials.
1 vote Thank Flag Link Wed Jun 29, 2011
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
It isn't your low score or high score that qualifies, it is your middle score. So if you have 596, 652 & 635 credit scores... your qualifying credit score is 635.

FHA requires a 500 credit score, and most FHA lenders minimum score requirements tend to be 600, 620, or 640 - with FHA anything less than a 580 score requires a 10% down payment
VA financing has no score requirement, but VA lenders score requirements are similar to FHA's.
USDA financing has no score requirement - however if you go through a lender most will have 620 or 640 minimum scores, but if you go Direct to USDA they do not have any minimum score requirements, but it takes a little bit longer.
Fannie Mae & Freddie Mac require a 620 score.

Credit score isn't the only item considered though, what is on your credit report is equally as important. If there are late payments or delinquent accounts in the last 12 months when you apply then that can really curtail your chances of qualifying.

USDA financing is 100% financing in rural areas, and there are two versions, Direct & Guaranteed. Direct you go direct to USDA, Guaranteed is where you go through a mortgage lender and at the end they send it to USDA. Guaranteed allows higher income limits, but the underwriting requirements are tougher. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do has the income & geographic eligibility limits for USDA - Indio isn't eligible but Coachella, Thermal, Mecca, etc. is.

Credit improvement isn't an overnight feat. Tips on how to improve your credit score: http://www.myfico.com/crediteducation/improveyourscore.aspx

Have you checked your credit to see what is bringing your scores down?

If you need advice or have questions I'd be happy to help.
0 votes Thank Flag Link Wed Jun 29, 2011
There are others factors besides credit that determine loan qualification, therefore it's in your best interest to visit with any qualified loan officer--after reviewing all your overall financials, a determination on qualification can be made.
0 votes Thank Flag Link Wed Jun 29, 2011
Nathan,
Banks use the middle score, so depending on where that is you may well get approved. It's more than just scores though, why do you have the low numbers? Have you taken steps to resolve the issues?
You can do some simple credit repair that will improve your odds of getting approved and qualify you for better rates & programs.
Meet with a local full service lender and see what they recommend. When a lender pulls your scores, they may be different from what you have. Only a lender looking at your complete file will be in position to tell you whether they have a loan for you. Best of luck.
0 votes Thank Flag Link Wed Jun 29, 2011
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