My credit score is currently 580, what are my chances for getting pre-approved for a home loan?

Asked by Johnathon Miller, Houston, TX Sat May 11, 2013

I have been told I need a 640 by all banks, but their has to be a way to get a home loan with FHA as a first time home buyer with a 580 right?

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lendersnetwo…, Agent, Plano, TX
Sat May 11, 2013

I would be more than happy to help you! Read my profile you will see I am more than qualified to assist you. I have a background in credit, now I help people with credit issues get approved for home loans and referred to a real estate agent. I have a brokage firm that I work with, we will find you a lender that will do an FHA home loan with a 580 mid about it more here.

Look forward to helping you!
1 vote
Rosie Moore, Agent, Richmond, VA
Sat May 11, 2013
Banks set their own minimum credit score requirements, so it varies. Most - not all - lenders require at least a credit score of 640 to qualify for an FHA, however I work with a lender who can qualify borrowers with a credit score of 580. However, you may have to pay a higher interest rate and larger down payment (more than the minimum 3.5%) in exchange for the lower credit score. Also, there are first time home buyer programs available that provide closing cost and down payment assistance, such as the "My First TX Home" program.

If you need any assistance, please feel free to contact me.
0 votes
Andrea Gomez, Other Pro, San Antonio, TX
Sat May 11, 2013
I'd say pretty good if you use the right lender, have the down payment and you can show that financially you are in a good position. Talk to a broker first that actually knows credit, paying off debt may not be necessary depending on the accounts and how old they are. I recommend the lenders network, if any company can get you a loan they can. I have had clients with under a 580 score get approved... Brilliant real estate minds with a ton of lending contacts. Tell them I referred you!

Good Luck!
0 votes
Jimmy Farag, Agent, houston, TX
Sat May 11, 2013
There is a way. I work with couple of lenders who can do the regular FHA with 580 credit score. Please feel free to contact me any time
0 votes
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