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Arizona Lender 580 credit score

I am in need of a lender in Arizona who can help me get a house with a 586 credit score. OVer have down as the down payment.
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October 19 2013 - Phoenix
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The credit score the lender uses is the middle one of the three reporting agencies. [Spam removed]. Often, FICO Credit score is not the actual issue for not getting pre-approved.  A low FICO score reflects problems lenders don't like to see.  The actual problem is usually late payments that show on the credit report in the last 12  months and excess debt raising your debt to income ratio above 40-50%.  Sometimes late payments in the last 12 months can be excused, if they can be explained (i.e. I was in the hospital in a coma).  Talk to the lender to see what they think. Normally a single late of 30-days is not reported or considered. Excess debt is an issue such as having more than 30-50% owed on any one credit card when compared that to the cards maximum limit.  So if the card has a $10000 limit, you would not want to owe more than $3000 (30%) on that card.  Be sure to ask.  Also talk to the lender before paying off or paying down a credit card or debt to be sure it gets reported the right way on the application. Lenders generally don't want your debt payment to exceed 40-45% of your monthly gross income as shown on your W-2, and 1099s and pensions.  (if you are paid cash under the table and there is no paperwork at the IRS, that amount does not count). [Spam removed] does a good job for self-employed borrowers and those that have no credit score (i.e. no credit cards) if you can demonstrate steady income. My best advice is to give the lender on the first call all your history (the good, the bad, the ugly) , bankruptcy, late payments, job loss, divorce.  This way they know how to structure you loan application and who to get to fund it in the end.  Don't withhold anything.
 Loren Hoboy-Realtor
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October 20 2013
Your credit score can be hard for most lenders to deal with. Luckily, there are lenders like myself that are able able to give out loans with scores as low as 580. The best thing for you to do right now is to find and speak a lender like myself that can accept your score. Also, it is important to keep in mind that your ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, down payment, employment, as well as credit score. If you are seeking a loan I recommend that you speak with a lender like myself to see if your credit works. We would be glad to speak with you to help you get the loan that you need. Well if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck! 
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October 21 2013
Kathryn,
You should be in good shape to get a loan.  You can go conventional with 5-20% down payment.  This avoids the high mortgage insurance of using FHA at 3.5% down payment.  The additional cash is looked upon favorably by the lender when evaluating the loan or you can use it to buy a slightly larger home or make improvements after you complete the transaction.  Feel free to contact me.
Loren Hoboy
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October 21 2013
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I cant figure out how to edit my question.. there is a type-o.
I was trying to say I have over HALF of the loan amount as a down payment.
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October 21 2013
We go down to 560
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October 20 2013
I do not know about AZ, but most national lenders require a 620 credit score.
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October 19 2013
 
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