Can I get a mortgage with a 580 credit score?

Asked by Andrurs, Des Moines, IA Tue Jan 5, 2010

I have a 20% downpayment. Also, I did send in my information for pre-approval back in November. Just in case the laws or rules have changed since then. Any help, any idea, if I can still get a loan... Thanks in advance!

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9
connoranne, Home Buyer, Mount Laurel, NJ
Fri Sep 8, 2017
i had tried to get a mortgage with my husband and i had the same score, we didnt get approved but they had told us only a few things had to be removed off my credit to get us started. i ended up going through a company called Select Us my rep had told me about and they where great they helped me so much i had a house in less then 6 months i couldnt be happier
1 vote
Invstnlfp, Home Buyer, New York, NY
Thu Aug 4, 2016
Invstnlfp, Home Buyer in New York, NY
I work for a direct lender in the mortgage industry who offers FHA VA, and USDA loans in 47 states down to a 550 credit score. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You need to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
0 votes
Are you available Mr. Young for FHA related questions? I am interested in buying a home with low credit.
Flag Mon Jul 24, 2017
Matt, , Dallas, TX
Wed Aug 12, 2015
We offer standard FHA & VA financing down to a 580 credit score without investor overlays, and close the average file well within 30 days. All processing and underwriting is done in office, communication is impeccable. Feel free to check out my Zillow profile below, and let me know if I can be of assistance:

http://www.zillow.com/profile/matt802/
matt@nlcloans.com
214-866-0038
Matt Schwartz
NMLS# 151017
0 votes
Jessica Bate…, Agent, Beverly Hills, CA
Thu Jun 27, 2013
Yes you can! Especially with that much down! FHA goes down to 580 credit scores even though most banks don't go below 640. I have had several of my clients get approved with scores from 580-640. I send my clients to The Lenders Network, they work with a handful of lenders that can approved a 580 FHA loan. If anyone can get you approved they can!

Good Luck!

Jess
0 votes
, ,
Sun Jul 22, 2012
With a little planning and preparation, I am sure you can get some good options. There are programs available for low credit scores, but it would be even better to spend some time working to improve your credit profile & scores. This will help you in getting a better home financing deal and definately in the long term with future credit needs. Please let me know if you still need any assistance...hopefully you have it all wrapped up...

Charles Chedester
NMLS # 8636
Web Reference:  http://www.chedester.com
0 votes
, ,
Sun Apr 29, 2012
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.


It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
0 votes
MODUS Real E…, Agent, Denver, CO
Wed Mar 10, 2010
Hello-
I have a lender called American Financial Resources who can still go down to 580 so you could try and give them a call. I would help you out with it, but am currently working on getting licensed in Iowa. In Colorado we have a program called CHFA that allows down to a 580, but that won't help unless you are looking for a loan out here. I'll bet Iowa has something similar. I am a former Iowan...feel free to contact me for any mortgage advice. Go Hawks!!
Web Reference:  http://www.afrmortgage.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jan 7, 2010
Not knowing your finances and the 20%-- of what price-- Why not visit with any qualified loan officer(s) and see exactly what your budget can handle and check that score again. FHA loans require a minimum score of 620--your loan officer may have tips on how to improve it in the fastest way possible or may have other suggestions/options.

Anna
0 votes
Josh Gillum, Agent, Ankeny, IA
Thu Jan 7, 2010
Hi Andrurs,
Typically you would need a 620 score minimum for a lender to give you a mortgage but there are private investors out there that might be willing to help out. If you have any further questions feel free to get ahold of me.

Thanks

Josh Gillum
RE/MAX Real Estate Group
6600 University Ave.
Windsor Heights, IA 50324
Licensed Real Estate Agent in Iowa
515-271-7728 Office
JoshuaGillum@gmail.com
0 votes
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