Are there banks who might be able to do a loan with credit scores down to 580, absolutely. But it's well worth you paying down some credit card balances to get you to a 640+ credit score to avoid the RIDICULOUS interest rates you'll get if you obtain a loan with the credit scores you currently have.
A Loan Officer can help you do this rapid rescore and it should be free of charge for the Loan Officer but you may have to cover some fees from the credit company to expedite the process of re-scoring your credit. The fees are nothing serious, about $40 per trade line that needs to be updated, depending on the credit company the Loan officer uses. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
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All the best John Curci RE/MAX 215-757-2889
It is very difficult for me to make a determination without seeing your credit scores. Much of what Javier says is true but I just closed a loan today for a client with a 585 credit score and the interest rate was 4%. The FHA rules are changingat the end of the month and this may affect some lenders abilities to do sub 640 credit score loans but it's hard to predict until it actually happens. The lender I use for scores between 560 and 620 has not yet determined how it will move forward. Yes it's higher than rates for someone with a 660 credit score but i would hardly call it ridiculous. It sound like you only have one credit card so you are building your score slowly. Do you have student loans and car payments too. Can you piggyback on someone elses credit? Can you pay your credit card down below certain levels to improve the score. These are questions I can ask, but I can't really give you a game plan without seeing the credit report. I'd be happy to review it with you.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
NO lender will do a manual underwrite because of the liability.
Work through your credit issues. It may take some time, but this is 2013 and the rules have changed.
I have loan programs for credit scores down to 580. It looks like your middle score is 614. Some programs require a 640 middle score. If this were the case your score could be brought up to that number in approximately 2 months give or take. If I can be of further assistance please contact me. My office is in Mt. Laurel, NJ and I operate out of the Mt. Airy area.
AnnieMac Home Mortgage
Weichert Realtors Media
267 968 1505
You may be able to get a mortgage at the present time.If not, the time will be a short one.
Please contact me so we can discuss further.
Century21 Advantage Gold-Castor Ave
836 N.Easton Rd.