Home Buying in Florida>Question Details

Rick, Home Buyer in Florida

can i get a mortgage with a 588 credit score?

Asked by Rick, Florida Sun May 15, 2011

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6
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 Thu May 8, 2014
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!
0 votes Thank Flag Link Tue Jul 16, 2013
Possibly. We have lenders that can go down to 580. However, you will need at least 10% down at those scores, plus debt to income ratios are a little tighter. You need yo have a minimum number of 3 tradelines(car loans, credit cards, student loans, etc.). So in summary it is possible but we have to look at the entire picture before making a determination. Call me or send me an email for further analysis.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
561-432-9237
info@floridamortgagecoach.com
0 votes Thank Flag Link Sun May 15, 2011
Rick
I would recommend talking to people you trust who can referr you to a good mortgage broker, bank, and/or lending source and take it from there. I would call the referred company and/or person and ask them this question. In MA we have mortgage guys that we referr people to who if that person can't get a mortgage right then and there, they will actually work with that person to help them bring their credit score up to qualify.
It's the name of the game in this industry - trust/referral.

Good Luck!!!
0 votes Thank Flag Link Sun May 15, 2011
Also, most mortgage companies look at your "middle sore". So it may be that one bureau has you at 588 and the other two are in the low 600s. I think the FHA has a cut off at 600 now, but if you are close they may be able to do something or you may be able to clean something up to get you up the extra few points.
0 votes Thank Flag Link Sun May 15, 2011
Depending on the exact circumstances, you may be able to get an FHA mortgage. Contact a good local mortgage professional. They will look at your entire credit score and tell you whether or not you qualify today. And, even if not today, they will be able to tell you what you can do to improve your credit score so that you can qualify as soon as possible. They will even tell you when that will be!
0 votes Thank Flag Link Sun May 15, 2011
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