Home Buying in 30705>Question Details

Shannon52805, Home Buyer in Chatsworth, GA

Is there any Home Loan I can get with a 585 credit score?

Asked by Shannon52805, Chatsworth, GA Mon Feb 3, 2014

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Noah Seidenberg’s answer
Yes with the right lender or mortgage broker. If want some information give me a call or email.

Noah Seidenberg
Coldwell Banker Evanston
Toll Free (800) 858-7917
Office (847) 316-8529
Fax (781) 609-0898

On the web:
Real Estate Specialist Chicago-land and Suburbs
Licensed Illinois real estate broker
0 votes Thank Flag Link Sun May 4, 2014
Yes, FHA Loans require a 580 score. Check out The Lenders Network, they have lenders that work with 580 scores. Good luck!
1 vote Thank Flag Link Thu Aug 20, 2015
Hi Shannon,

You can qualify for FHA loan with a 580 fico, and 3.5% down payment.
0 votes Thank Flag Link Tue Jul 21, 2015
Find a local bank who will do an 'in house loan' - find a cheap house to fix up - and put as much down as possible.
0 votes Thank Flag Link Tue Jul 21, 2015
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
0 votes Thank Flag Link Thu May 8, 2014
We can go down to a 580 middle credit score on an FHA loan. However, you might want to consider trying to raise your score, if possible, in order to get the better rates and terms. I can run a credit simulator (free of charge to all my borrowers) and we can determine how to raise your scores. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987



800 315 8803

NMLS 20743
0 votes Thank Flag Link Tue Feb 4, 2014
Hi Shannon, I can work with that score. However, there are many other factors to your credit and in other areas that determine how much you may qualify for. I'm available to help you at your convenience if you wish.

I can do a full underwriting approval ahead of time if need be and I also offer credit score improvement programs for free while we work on your mortgage.

If you like my answer, consider clicking on a “Thumbs Up” or “Best Answer”


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:
0 votes Thank Flag Link Tue Feb 4, 2014
Beware of people who make promises before they know who you are. For best results, talk with a local lender and or a local realtor. To find someone reputable, you can seek out a local agent through Trulia, or you can ask the people you work with or where you bank. Your score is low, and if someone does finance you, you may be required to pay a hirer interest rate. Just keep working to improve your score and you will get where you need to be. Best of luck to you!
0 votes Thank Flag Link Tue Feb 4, 2014
You really do not want to start looking at homes until your Pre-Qualification has been completed. Your Pre-Qualification will give you an estimate of your monthly payment and potential cash to close. It is VERY important to make sure this reality matches your expectations. If not, you could be looking in a wrong price range.

Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s
• Two most recent years of Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation along with your credit report is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90-120 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90-120 days old, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.
0 votes Thank Flag Link Tue Feb 4, 2014
Hi Shannon,
It MAY be possible. There is absolutely no way for anyone to tell you an accurate yes or no until a complete Pre-Qualifcation request has been reviewed. For an FHA mortgage, most lenders have required a 640+ credit score since 2008/2009.

Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift. FHA loans will allow a seller contribution toward closing costs/pre-paids of up to 6% of the sales price.

You will typically also need a verified 12 month on time housing history. This will need to be verified by either 12 months of cancelled check or by a Verification of Rent from your management company.

Once you are ready to purchase, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Tue Feb 4, 2014
Yes you can find a lender who will work with you. I am a Real Estate Agent in Cherokee County, Bartow County as well as Cobb County and i will be happy to help you.

Anna Pabis, Realtor
Keller Williams Realty Partners
0 votes Thank Flag Link Mon Feb 3, 2014
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