Credit Score in 32708>Question Details

scm40, Renter in Winter Springs, FL

Is it possible to get a non-FHA loan with a poor credit score (600) ?

Asked by scm40, Winter Springs, FL Fri Aug 2, 2013

Help the community by answering this question:

Answers

9
FHA is going to be the easiest loan to qualify for credit wise. I know companies like The Lenders Network is partnered with lenders that can help you with a 600 score but most likely it will be an FHA loan.
3 votes Thank Flag Link Fri May 22, 2015
Good evening scm40,

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://www.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.consumer.ftc.gov/articles/0058-credit-repair-how-…

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
2 votes Thank Flag Link Mon Aug 5, 2013
You can check with Home Loans For All. I know they help a lot of people that have credit issues. They allow you to compare mortgage rates from multiple lenders that can help based on your own individual situation. It's a free service so you have nothing to lose.
Web Reference: http://homeloansforall.com
1 vote Thank Flag Link Sat Mar 5, 2016
Having no credit or poor credit is a major stumbling block to getting a loan because you’re viewed as a high risk customer who might default and leave the lender holding a bag of worms. It’s just a fact that until you raise your credit score, you won’t fit the standard lending guidelines that traditional, big banks have to follow.
Web Reference: http://northenloans.ca/
1 vote Thank Flag Link Mon Aug 5, 2013
HI scm40,

Yes it is possible to obtain a loan with 600 credit score. There are other factors to consider too.

Fell free to email or call me.

Matt Tarka
Principal Broker
Serving All of Florida
888-246-9060 Toll Free
954-605-2450 Direct
954-343-8098 Fax
mtarka@clearmortgagelending.com

Clear Mortgage Lending, Inc.
5200 North Federal Hwy
Suite 2
Fort Lauderdale, FL 33308
1 vote Thank Flag Link Sun Aug 4, 2013
Hi There:

I have a lender who does FHA loan with 600 credit but for non FHA loan he needs about 620. VA also have some programs for lower score.

Feel free to call or email me for more info.

Abraham Bidhendi
Top Producer Realtor® with over 26 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
We have had 142 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com
Website: http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
1 vote Thank Flag Link Sat Aug 3, 2013
Yes - a VA loan could work if you qualify.
What kind of loan do you want? How much do you have saved?
1 vote Thank Flag Link Fri Aug 2, 2013
$500,000 Purchase Price ($450,000 Loan with 10% Down-$50,000. Income in excess of $150,000 per year.....professionally employed in corporate for 15 years (no breaks in employment). Long story short, took some bad advise 3 years ago to not pay bills....I'm not a Veteran, but my Father is....
Flag Fri Aug 2, 2013
I am state and federally licensed to write mortgages in 31 states, I work for a direct lender in the mortgage industry who offers conventional, FHA, VA, and USDA loans. We keep your info private not broker it out and we go down to a 550 credit score for VA and FHA loans.. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have 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
NMLS 902687
0 votes Thank Flag Link Sun Mar 6, 2016
Hi my name is Tyler I'm looking to get a first time home buyer loan I have a credit score of 600 I was wondering know if it is possible to get a loan with that kind of credit score
0 votes Thank Flag Link Sun Jan 31, 2016
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer