my credit score is 590, are there any lenders that will help me to purchase a home with FHA loan, a good job, willing to have downpayment 3.5%.

Asked by Leon, Washington, DC Fri Jul 13, 2012

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Alex Montelo…, Agent, Seal Beach, CA
Mon Sep 22, 2014
Some lenders say that they can loan with a 580 fico but I haven't seen a successful case. The criteria is so tight that you may not qualify. Go ahead and try but my advice to you is to work on getting your credit score above 620 maybe even 640 and then you can move forward.

All the best,

Alex Montelongo/Broker
Coldwel Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
0 votes
rosita026, Home Buyer, Woodbridge, VA
Mon Sep 22, 2014
We need a lender that will help us buy a home. We lost a home back in 10/11. for unfortunate circumstances we lost our home. Filed BK back 11/07 and discharged 4/08. Our income is about $5500 monthly. % down payment... We are looking a loan no more than $180k including loan cost or maybe we can get a home that seller will pick up closing cost or 1/2 of them..
There is a program to make available for people that lost their home that we have a certificate for it already it is called the "Back to Work" program" Is there anything we can get help with
0 votes
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Thu May 8, 2014
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes
I also own the house outright
Flag Sun Jul 9, 2017
I am trying to save my home from tax foreclosure very soon. The loan I need it to pay off the delinquent debts I have. Call me if you can get me at least $10,000. 414-215-1069, btw, I live in Wisconsin.
Flag Sun Jul 9, 2017
, ,
Tue Sep 25, 2012
Hi Krishon112,

Your credit scores are fine for a VA mortgage and would enable you to get a VA 30 year fixed mortgage at 3.25% with no points.

As far as how much you would qualify for, it depends on a couple of things.

1) What type of loan do you have on your home in Texas? Is it a VA mortgage? IF so, we would have to subtract the amount of your entitlement that was used on that home which would affect how much you could borrow for a new VA loan without putting money down. Another thing that will come into play is the VA county loan limit. Here's an example: Under the 2nd tier or bonus entitlement rules, your entitlement is basically 25% of the VA county loan limit and in several counties in VA that limit is $625,500 so your entitlement would be $625,500 X 25% = $156,375 but in a county with a loan limit of $417,000 your entitlement would be $104,250.

2) What is the reason for the move? This is important because it could affect whether or not you can count the rental income from your home in Texas in order to offset that mortgage payment UNLESS you have a history of collecting rental income that is documented on your tax returns.
If you relocated to VA for work then the rental history doesn't apply and we can simply provide a copy of the lease agreement and proof that you collected a security deposit and the first months rent.

3) With your scores and the fact that the collection is over 5 years old, there is a very good chance that we won't have to even address it.

Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
0 votes
THE MONEY ST…, , Florham Park, NJ
Mon Sep 24, 2012
yes if you are purchasing in Virginia please give me a call 301-768-0140
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Kelvin R. Ma…, Home Owner, Killeen, TX
Mon Sep 24, 2012
I am a Veteran with a 40 percent disability rating and I last checked, My credit score was above 670. My Wife's credit score is above 680 Also. I have a VA Certifcate that entitles me to purchase a home as a first time buyer.

If we have a home that we are renting out in Texas can we apply for another home here in VA and what rates would we qualify for with a combined income of 140k plus. I admit that I have a pending collections action that is over five years old. Other than this miscue, we have a 48 month plus history of Excellent payment history, no late payments within the past 36 months, no judgements or liens.

I would like to purchase a home in November of this year. Can we get assistance with this process and hope for a good interest rate. Would there be a possibility of paying this collection off prior to closing and can we qualify for a New Home Owners program..
0 votes
Please give me a call 301-768-0140

Thanks Judy Hines
Flag Mon Sep 24, 2012
THE MONEY ST…, , Florham Park, NJ
Sat Sep 15, 2012
Yes, please give me a call
Direct Lender

Judy Hines
301-768-0140 cell
0 votes
Juan De Leon, Agent, Manassas, VA
Fri Jul 13, 2012
Leon: There are lenders that will approve an FHA loan with as low as 580 score, same even will work with you to increase the score. I have a couple of lenders that I work with that can help.

Juan Carlos De Leon
Associate Broker
Professional Services real Estate.
Tel 703-346-2021
0 votes
Nathan Corye…, Agent, Alexandria, VA
Fri Jul 13, 2012
There are Lenders Leon, who will give you an FHA Loan with a Credit Score as low as 580! However, keep in mind that your going to have a Much higher interest Rate, and Also thats running so close to the cut-off point that even the most incremental change in your credit score could keep you from closing on your new home! My Professional Advice would be to get a Free Consultation with a Credit Expert, and then get started on a Credit Repair Program to boost your Credit Scores! I have an excellent Company thats located here in Northern VA that can really help you out to improve your Credit! Please give me a Call if you would like me to assist you with that?
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Andre Gutier…, Agent, Chantilly, VA
Fri Jul 13, 2012
I have 1 lender who can do it as low as 580 - give me a call or email, I'd be happy to at least provide you with the information to help you make the best decision

Andre Gutierrez
Re/Max Gateway
0 votes
Samuel Smith, Agent, Fairfax, VA
Fri Jul 13, 2012
That could be tough. Typically they are looking for 620. I suggest working on getting your credit score up over the next few months. Companies such as Financial Education Services can help you with this. Good Luck!!!
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