Home Buying in Pine Bluff>Question Details

Brandi Johns…, Home Buyer in Pine Bluff, AR

one of my close friends has a credit score of 580, is it possible for her to get a home loan?

Asked by Brandi Johnson, Pine Bluff, AR Wed May 11, 2011

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Some typical requirements:

Two Years of steady employment, preferably with same employer.
Last two years Income should be the same or increasing.
Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 620 or higher.
Bankruptcy must be at least two years old, with perfect credit since discharge.
Foreclosures must be at least three years old, with perfect credit since.
1 vote Thank Flag Link Mon Jan 14, 2013
Needs to be at 620 for all three scores.
1 vote Thank Flag Link Sat Apr 21, 2012
Hi Brandi

Gerard has it right - your friend's best bet is to improve their credit history. While you may find a program and lender willing to offer financing for any given credit score, your friend may be not qualify due to the items within the credit report that caused their score to be so low. Almost anybody can get financing with a large enough down payment and the willingness to pay high interest rates, but generally if your friend is having trouble maintaining a good credit score now then adding a mortgage to the mix will not improve anything.

Feel free to contact me if your friend would like me to suggest ways to improve their credit.

1 vote Thank Flag Link Wed May 11, 2011
Anything is possible Brandi, just low Fico scores will yield expensive loans, it might be worth it for her to take the next 6 months and improve or repair her score. Get that score up to 620 or even better 640 will get better results and it will get better rates. Please don't rush into buying a home without repairing your friends score, it will save thousands of dollars over the life of the loan!
1 vote Thank Flag Link Wed May 11, 2011
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