Home Buying in 02122>Question Details

Fethomas Tho…, Other/Just Looking in Waltham, MA

could I get a loan with a credit score of 598?

Asked by Fethomas Thomas, Waltham, MA Fri Oct 16, 2009

I'm working towards a higher credit score, but I was just wondering what is the minium credit score you will need to purchase a home?

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Answers

20
Yes you can! The answer is that simple, do you a lender that you are working with? If not I would be happy to recommend a couple for you!
1 vote Thank Flag Link Mon Jul 7, 2014
I know that some lenders can do an FHA loan with a 580+ mid Fico credit score.
1 vote Thank Flag Link Tue Jun 17, 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
1 vote Thank Flag Link Tue May 13, 2014
Hello i am agent however i have over 18the years experience as a loan officer and also in the banking field. Since 2007 most programs require a 620 fico score...640 prefered at the minimum. I can advise you of a few ways to add more points yourself within a few months. You do not have to hire a 'credit repair' company and pay them hundreds of dollars. Credit scores are things you can work yourself. I would also like to know what is exactly keeping your score that low because if those are not fixed it may keep your score down there. Call me at 857-312-1319 and i will give you the steps to get on track to help you buy your dream home.
1 vote Thank Flag Link Sun Jan 19, 2014
There a loan programs out there that will accept a 598 score. They are far and few in between and you will pay a heavy premium.

My suggestions is wait and get your financial house in order first. Raising your credit score 20- 100 points can sometimes be done relatively quickly and easily. Working with a good mortgage officer you should be able to accomplish this in 6 t0 12 months.

I do say this as a generalization because eery situation is different and needs to be evaluated by a mortgage broker.
1 vote Thank Flag Link Sun Dec 22, 2013
There are a few Lenders that require a 580 mid score, they just aren't always easy to find. The Lenders Network would be a good place to start, they specialize in referring people to lenders that have loan products that match your needs, even low credit score lenders. Good luck!
1 vote Thank Flag Link Sat Dec 21, 2013
I am sure the mission is possible, but I would also advise you to wait a little and to work on improving your credit score. Why do you need those awfully high interest rate and down payment I wonder. Anyway it will be nice to have the advice of a professional financial advisor.

Jull from http://sterlingstore.co.uk/
1 vote Thank Flag Link Wed Dec 4, 2013
Yes you can, I've assisted many clients that had less than perfect credit and with the right mortgage professional you could be approved for a loan. Needless to say, your financial health would need to be in good condition in the remaining areas as well. I advise you find an mortgage professional that specializes in getting individuals with less than perfect credit approved. I have a few on speed dial and can point you in the right direction. Just let me know. My number 617-775-3074.
Good Luck!!!
0 votes Thank Flag Link Mon Jul 7, 2014
Hello....I work for a legal consumer firm that helps to resolve those type of credit issues. Please give me a call to see if I may be able to help...that is if your actually looking to get the situation rectified.

Sergio Marshall
972-231-0452 ext 109 http://www.whitejacobs.com
0 votes Thank Flag Link Wed Dec 4, 2013
Thomas

There may be a way but you also may wish to inquire about a program to help repair your credit. Lower credit scores tend to have mortgage products that charge higher interest rates. Sometimes it is something simple and easy to repair your credit. Have you met with a mortgage professional that can help you with this process ?
0 votes Thank Flag Link Wed Dec 4, 2013
It depends what type of loan your looking for. You should contact a local lender, or your local bank.
0 votes Thank Flag Link Mon Nov 4, 2013
Creditmend247.com

This is the solution for any individual looking to improve their credit score to get approved on a mortgage or a loan. They have over a 95% success rate with their clientele and are there to serve the customer. Give them a call at 682-200-8800 or visit their site at http://www.creditmend247.com
0 votes Thank Flag Link Mon Nov 4, 2013
I am sure there is a loan product out there for a 598 credit score but you may be better off working on your credit to a higher score. Sometimes there are a few easy things to repair / fix credit issues. You may want to look into these before going after a loan. Some banks or lenders even have programs you can utilize.
0 votes Thank Flag Link Sat Nov 2, 2013
It will be very tough...the FHA says that anything under a 620 requires a 10% down payment but it's finding a bank that will work with you that's the problem.

Chris
0 votes Thank Flag Link Sun Nov 25, 2012
Not really. Your score will increase pretty quick by keeping up on your bills and not missing any payments. Pull your history and work to resolve any previous blemishes.
0 votes Thank Flag Link Sun Nov 25, 2012
I would recommend waiting until your score improves because it will be very hard to get a loan if at all. The FHA says that anything below 620 the buyer will need to put down 10% but finding a bank that will work with the loan is a problem these days.

Chris
0 votes Thank Flag Link Fri Nov 23, 2012
Probably not. There is an FHA program out there where you supposedly could, but I know of no one offering that program.

Most programs are looking for a minimum of a 620 to 640 credit score.

The good news is it sometimes does not take much to raise your credit score by 20 points!
0 votes Thank Flag Link Fri Nov 23, 2012
If you need help to increase your credit score , I can help with that. I am affiliated with two great companies that can help. Also if you need to discuss different mortgage programs let me know. Of course there is no obligation.
0 votes Thank Flag Link Fri Oct 16, 2009
Janet is correct - there are a lot of programs out there and you may qualify based on debt to income ratio and not just your credit score.

Email me and I will send you the name of a person you can speak with over the phone --- noobligation.
0 votes Thank Flag Link Fri Oct 16, 2009
There are many programs out there to purchase a home and each has their own requirements. You should contact a mortgage broker for the correct answer. FHA minimum is 620. If you need a referral for a few mortgage brokers, let me know and I would be glad to recommend a few great people!
Thank you and good luck.
0 votes Thank Flag Link Fri Oct 16, 2009
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