My credit score is a 578 is it possible to get a home loan?

Asked by Allison, Winter Park, FL Sun Apr 11, 2010

My husband and I are thinking about buying our first home

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7
Jessica Bate…, Agent, Beverly Hills, CA
Tue Jul 16, 2013
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
7 votes
Georgina Vil…, Agent, Longwood, FL
Wed May 26, 2010
FHA generally requires a 620, however, a Mortgage Consultant can evaluate your credit and tell you what you may be able to do to improve it. Our consultants at Watson have a program that can evaluate your credit right away and make suggestions. If you're interested, feel free to contact me and I can see how I can help you.
1 vote
, ,
Sat May 1, 2010
We are a direct mortgage lender with direct access to the credit agencies able to increase scores within 3 days. Apply only and we will give you a call first thing Monday AM. Best of luck to you and enjoy your weekend!
Web Reference:  http://www.LendingFL.com
1 vote
Broker Dave, Agent, Orlando, FL
Sun Apr 11, 2010
Allison,

Need a bit more information, I would direct you to the mortgage advisor I use at FBC Mortgage he has helped many first time buyers get through the process.

When you get a chance call me at 407-330-0060.

Hope this helps,

Broker Dave
GRI, ePRO, Real Estate Broker & Realtor

Community and Family Values
Web Reference:  http://OrlandoHomeStore.com
1 vote
Aaron Mighty, Agent, Apopka, FL
Sun Apr 11, 2010
Hi Allison,

Absolutely, just not with a 578 credit score (620 needed for FHA) but with some credit review and probably a rapid rescore. We have helped clients with their credit in the past raise their scores through appropriate and legal means up to 80 points in 60 days. I have a great FREE eBook on this subject that will assist you with this.

I would also recommend you work with an experienced Realtor who specializes in working with clients with difficult credit and/or a mortgage rep that has the necessary tools to run a rapid rescore for you. My brokerage can assist you with both. Please let me know if you need further assistance.

Thank you,

Aaron Mighty
Broker/Owner
Mighty Realty Inc.
http://www.MightyRealty.com
C: (407) 914-7799
Web Reference:  http://www.MightyRealty.com
1 vote
Gerard Dunn, Agent, Chevy Chase, MD
Sun Apr 11, 2010
Possible but not probable -

You need to get to a mortgage banker that can assist you in bringing up your credit score. Once you can pull it up to 620 - you stand a chance at FHA financing.


Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, DC and Northern Virginia
1 vote
Don Tepper, Agent, Burke, VA
Sun Apr 11, 2010
Don't buy.

Your credit score indicates that you've had some difficulty managing your finances. Owning a home is far more difficult than, say, paying your credit cards on time.

It might be possible to buy using some unconventional techniques. And you'll probably get some answers here along the lines of "You didn't provide enough information; it's more complicated than that" (which is absolutely true) or "I know this great lender; give him a call" (which may be true). But that doesn't matter. I could find you a home and put you into it with a lease-option which would be a better route to go (that's one of the unconventional techniques--not really all that unconventional, when you think about it.) Still, you're probably not ready to buy your first home yet.
1 vote
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