Home Buying in 45013>Question Details

Lisa Glasgow, Home Buyer in Hamilton, OH

I have 574, 591 & 608 credit score...what are my chances of getting a home loan. I've had steady employment for over 3 years. Please help me!

Asked by Lisa Glasgow, Hamilton, OH Tue Sep 4, 2012

Located in Butler County, Ohio

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8
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
1 vote Thank Flag Link Tue Jul 16, 2013
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to middle 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
Carrington mortgage only requires a 550, give them a shot.
0 votes Thank Flag Link Tue Apr 1, 2014
got to have at least 650 credit cards must not ever be past due they hurt you the most and your chance is very very slim with that score
0 votes Thank Flag Link Tue Jul 16, 2013
With a normal bank, your chances are low, however there are lenders that will do 580 given the credit report has the right things they are looking for. Check the Trulia Financing section in the Blogs there are several lenders posting on there.

VP
0 votes Thank Flag Link Tue Jul 16, 2013
a score 650 will get you a loan friend
0 votes Thank Flag Link Tue Jul 16, 2013
Good morning Lisa,

The state of the economy isn't helping. It's not enough that housing sales are down, property values are declining and mortgage lending is tougher than it's ever been. With the state of this economy, more and more folks face daily challenges due to job loss or reduced incomes. Their credit is suffering as a result. Yet, these same folks still harbor the dream of owning a home.


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.


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.


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 Wed Sep 5, 2012
Lisa get in touch with me. There are lenders in the area that may be able to help you.
0 votes Thank Flag Link Wed Sep 5, 2012
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