Is there a lender that will give a loan to someone with 568 credit score? The house I want is 53,100.

Asked by Eilyon Rather, 75115 Thu Apr 28, 2011

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12
T.E. & Naima…, Agent, Dallas, TX
Thu Apr 28, 2011
Before you seek an answer to that question, you need to ask yourself a serious question: why is my score so much lower than the average? Are there bad habits that I need to break before getting serious about the biggest single investment in my life?

You might also consider why lenders even consider a credit score. It's about risk. People with better scores seem to be able to handle their finances well - there is less risk that the bank will have to foreclose. A low score means they may have to foreclose the loan later because the borrower is risky.

My experience is that most lenders want 620 to 640 minimum on FHA, but a couple will operate with scores down to 580. I don't know of any reliable lenders operating below 580.
Web Reference:  http://www.SumnerRealty.com
2 votes
Except for the last paragraph, your post is terrible.

They didn't ask whey their credit score was low. Furthermore, isn't it obvious why lenders consider a credit score?

This person didn't ask for a lecture, they asked if anyone knew of a lender who would give them a loan, based on their score.

Next time, read the question, and don't assume the requester is an idiot.
Flag Tue Feb 23, 2016
Excellent answer from a pro... Your answer was well worth reading. Thank you for knowing your profession and not treating it as just a job :)
Flag Wed Aug 22, 2012
Brian Rayl, Agent, Dallas, TX
Thu Apr 28, 2011
I have heard rumors that Wells Fargo will now qualify some loans down to 540, but I'm not sure what the qualifications are. I believe it is a carries a higher interest rate and is a conventional loan which requires at 20% down payment which in your case would be a little over $10,000. I'm not sure if they will do a home loan for that low of an amount though.

If you require any assistance, please give me a call.

It's more than real estate. It's RAYL-Estate!

Brian Rayl, REALTOR®, e-PRO, SFR
Keller Williams Elite Dallas Park Cities
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
Web Reference:  http://brianrayl.com
2 votes
Zyre Sullivan, Agent, Grand Prairie, TX
Sun Aug 4, 2013
You may want to consider our lease with the right to purchase program. We have been turning clients into homeowners with credit scores like yours. Contact for more information.
0 votes
Eboneke Will…, Agent, Dallas, TX
Wed Jul 24, 2013
We could have that credit score at about a 620 in a couple of months. Please call me. Thanks
0 votes
The United H…, Agent, Mansfield, TX
Wed Aug 22, 2012
"MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!"

Honestly I would not even try to seek out the type of lender that would finance you with a credit score so low. I would imagine your interest rates and or down payment would be absolutely disguisting. Rather than focusing on finding a pre-approval contact a lender and focus on fixing/building up your credit in the end it could save you more than you'll ever know. Beef up your credit and once you hit above 600 perferrably 620 min. then begin your search.

Keller Williams Realty
Real Estate Consultant/ 3xUS Army Vet
Cell: 817-975-7258
Off: 817-635-1157

Website: http://www.blissful-estates.com
0 votes
The United H…, Agent, Mansfield, TX
Wed Aug 22, 2012
"MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!"

Honestly I would not even try to seek out the type of lender that would finance you with a credit score so low. I would imagine your interest rates and or down payment would be absolutely disguisting. Rather than focusing on finding a pre-approval contact a lender and focus on fixing/building up your credit in the end it could save you more than you'll ever know. Beef up your credit and once you hit above 600 perferrably 620 min. then begin your search.

Keller Williams Realty
Real Estate Consultant/ 3xUS Army Vet
Cell: 817-975-7258
Off: 817-635-1157

Website: http://www.blissful-estates.com
0 votes
Erica Texada,…, Agent, MIDLOTHIAN, TX
Thu Apr 28, 2011
I have a broker that I use for clients in your situation. She has closed numerous transactions for me over the past year for individuals with credit scores between 560-639. Please contact me this evening and I will provide you with her contact information so that you can speak with her directly for an evaluation

Erica Texada
214-680-4566
EricaTexada@ebby.com
0 votes
Scott Butcher, , Austin, TX
Thu Apr 28, 2011
If what Susie says is true, I'd contact her and find out about her program. Otherwise, I don't know of any other lending program via a Mortgage Banker/Broker that would work for you situation.

You might need to visit a local bank to get a mortgage for this size of loan. Personally, I can't do a 'Banked' loans under $75,000, but can do 'Brokered' loans down to $50,000, but at a minimum of a 580 FICO.

Good luck.
0 votes
Susie Reichl…, , Dallas County, TX
Thu Apr 28, 2011
I have just been certified for a program that does not require a minimum credit score. You must be current in payments the last 12 months,

Contact me for details.
Susie 469-855-7610
0 votes
my boyfriend have a credit score of 568 but he is current in payment the last 12 months on his rent can anyone help we are having a baby
Flag Sun Apr 20, 2014
my boyfriend have a credit score of 568 but he is current in payment the last 12 months on his rent can anyone help we are having a baby
Flag Sun Apr 20, 2014
my boyfriend have a credit score of 568 but he is current in payment the last 12 months on his rent can anyone help we are having a baby
Flag Sun Apr 20, 2014
Ann Edwards, Agent, Irving, TX
Thu Apr 28, 2011
Not that I know about at this time,
0 votes
Dallas Texas, Agent, Dallas, TN
Thu Apr 28, 2011
Much more is involved than just a credit score loan money for a mortgage.

Contact mortgage broker complete a loan app. determine if you can qualify HOWEVER must lenders will require a 625 + for credit score and 3.5% down payment

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Apr 28, 2011
There are others factors in addition to credit that determine qualification, therefore do visit with any local banks and or credit unions; after reviewing your overall financials you loan officer can make a determination on qualification.
0 votes
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