Pamela Thorn…, Home Buyer in Crestview, FL

can i get a mortgage with a 577 credit score?

Asked by Pamela Thornton, Crestview, FL Thu Feb 24, 2011

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Joshua Leret…, Mortgage Broker Or Lender, Lakeland, FL
Fri Feb 25, 2011
Hello Pamela,

While you have received some great answers and possibly some that might fit your situation, I feel that there is one answer that has not been given. Why? Why do you have a 577 credit score? Are there errors on your credit report? Where there circumstances that were out of your control that caused you to fall behind? Are you current now? These are all questions that you need to consider when you take interest in buying a home. Discussing your situation with an educated and knowledgeable credit expert would be in your favor.

I would love to discuss your situation and put you in a situation that will give you the best available financing for you. Getting a mortgage with your scores as they are now...would be expensive and not the best terms. We have programs that allow us to plug in your situation and it will tell us what we can do to give you a better credit score. That with my knowledge of the credit repositories we can work to put you in a better financial situation. Please see my blog on everything you need to know about your credit.

Feel free to contact me.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
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Myke Atwater, Agent, Santa Rosa Beach, FL
Fri Feb 25, 2011
Hello Pamela,

Qualifying for a mortgage involves more than just a credit score. While that is a major marker, your debt ratio is very important as well, and your source of income, length of employment, etc. The best thing to do is to contact a local lender, and I can make some excellent recommendations, and get prequalified. That way you will have a good idea if you are at least able to be in the market shopping. Give me a call or drop me an email, and I will give you three recommendations of excellent loan officers that can help you make that determination.

I look forward to hearing from you,

Myke Triebold, GRI, LMC
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Adrian Hunti…, Agent, SAN FRANCISCO, CA
Thu Feb 24, 2011
Wells Fargo lowers credit score requirement for FHA mortgages
Wells Fargo recently announced that effective Jan. 15, 2011, it will accept FHA-insured mortgages for borrowers with credit scores as low as 500. For borrowers with credit scores ranging from 500 to 579, a 10 percent down payment is required, and the down payment may not be a gift or be part of a down payment assistance program. Borrowers with credit scores of 580 to 599 are required to put down 5 percent, and the down payment may not be a gift or part of a down payment assistance program. Borrowers with a credit score of 600 or higher are required to have a 3.5 percent down payment, and a gift is acceptable. For all borrowers, seller concessions are limited to 3 percent.

If you have questions I can recommend a Wells Fargo
Home Mortgage Consultant.
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Pat & Steve…, Agent, Westlake, OH
Thu Feb 24, 2011
I suggest that you make an appointment with a loan officer at a local bank. He/she can look at all the required info he/she needs to make a decission on your request for a loan pre-approval (at no cost to you). If you don't qualify, he/she will give you advice on what you need to do to qualify for a mortgage loan.
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Jose Morales, Mortgage Broker Or Lender, Lutz, FL
Thu Feb 24, 2011
We can go down to 580. But as Carl mentioned below the down payment will be higher and debt-to-income ratio will be tighter. We would need to look at your report to determine if there is something obvious that can be done short term to get a few more points. Call me to discuss and I'll provide a copy of my FREE report "Establishing or Restoring Credit".

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
0 votes
Carl Henker, , 95928
Thu Feb 24, 2011
Possibly, if you find a lender that can do it be prepared for higher cost. You might want to take the time needed to get your scores up then shop for a home. Get with a lender who can offer some direction and advice for improving your credit scores.
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