I have a credit score of 589 would I have a chance getting a loan on a foreclosed home with this score.my husband and I ran into some financial

Asked by Kelly Hopper, 46221 Fri Sep 24, 2010

difficulties, when our son was diagnoised with autism He was going to riley hospital once a week for thearpy He no longer goes to riley and were doing better financially. I realize our intrest rates will probally be higher, wondering how much higher? the home were interested in is on trulia

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lendersnetwo…, Agent, Plano, TX
Thu Oct 31, 2013
FHA loans are available with a 580 credit score, conventional loans require a 620, trick is finding the right lender. I know of several that can help you out.
1 vote
, ,
Sat Aug 10, 2013
Wow Spamming Trulia Jessica. Same Answer on 100 different posts

Way to offer great insight to the Trulia community.
1 vote
Hannah Flieg…, Agent, Larkspur, CA
Sat Sep 25, 2010
You might be able to qualify for an FHA mortgage with a low credit score of 620 but it will cost you more money each month. Mortgage products don’t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.

Hannah Fliegel, FICO Pro
The Credit Repair Expert

Web Reference:  http://www.HowdoYouScore.com
1 vote
Andy Del Real, Agent, Modesto, CA
Fri Sep 24, 2010

There are multiple items Lenders look at when giving you an interest rate. I know there are many lenders that would be willing to check your credit in detail and reccommend some items you can pay off in order to boost your score within a few weeks.

Good Luck

Indalecio "Andy" Del Real
1 vote
Dan Tabit, Agent, Issaquah, WA
Fri Sep 24, 2010
Possibly, FHA does not rely on credit scores as much as conventional lenders. FHA also allows for the lowest down payment generally available. I would encourage you to need with a local mortgage broker who offers FHA and other programs to take a look at your whole situation.
I have been successful in the past in helping buyers raise their credit scores through legitimate means which may allow you to either qualify or obtain a better rate than you might otherwise.
Until a mortgage professional obtains your entire credit report, application, job history etc, no one should decline you. Once they have all the information, if you don't qualify currently they should be able to help you take the most efficient steps to qualify sooner rather than later.
0 votes
Lester Garcia, Agent, Bellflower, CA
Fri Sep 24, 2010
I would recommend to take a good look at your credit report to determine what bill and debt you can easily eliminate, may be target a specific credit card one at a time to pay it down. You can also contact a credit professional, someone who has helped someone you know already, there's a lot of companies out there that say they'll help you but once they have your money nothing happens to be careful with that. You want your credit to be at least 620 score.
0 votes
Alex Aunon, , Tucson, AZ
Fri Sep 24, 2010
Kelly: you could be 6 months away from a more acceptable 620 average fico score;
This is a sugestion. pull up you credit, then go over all the negative. check and see if any accounts you have already paid off or are in a payment plan and read the remarks. If the account does not reflect its current status, then write a letter to the creditor to correct it. Most creditors are quick to place bad remarks but slow to clean up. Your neagtive report from a creditor is not going to show it totally gone once you settled, that will take greater than 7 years. But what this can do is inform other institutions on the remarks section of what has happened. E.G: settle for less than owed or: on a payment plan or, transfered to another collections agency so its closed. One the other hand you need to increase your good credit. Think of it as a balance. let the good outweigh the bad. Pay off any judgements on it, is a must. then go get a secured credit card from your bank, of 300$. put only 20$ of anything on it, and then make minimal payments, the low balance will increase your score. if you just try these simple measures you should have another 30+ increase or your fico score. Remember it will take about 60 days per change on your credit. Kelly I hope this helps. maybe not today, but you will find another foreclosure for sure later.
Web Reference:  http://www.doubleateam.com
0 votes
Jerry R. Ray, , Portland, OR
Fri Sep 24, 2010
unfortunately no. You should take the next 6 months to a year to bring your credit score up - consult a mortgage professional for advice.

as far as interest rates and your credit score - even at 620 rates would not be good.
0 votes
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