Profile picture for momof2cntryboys

Can I get a home loan with a 589 credit score and no money down?

My husbands credit score is 589 . Can we get a home loan still and with no money down if possible ?
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July 09 2010 - Lawton
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Answers (23)

Profile picture for sunnyview
"base on information your telling me that there is no help for low income couple to buy a mobil home"

That may be true. Mobile homes can be hard to finance since they depreciate more like a vehicle with a limited total lifespan. If you want to buy a mobile and have a steady but low income, you might consider seeing if there are any mobiles in your area where owners would be willing to carry the financing.

Mobiles can be hard for people to sell so looking for houses in your area with long market times or older owners who have moved may open up a way for you to buy.
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May 13
Profile picture for alanb671
base on information your telling me that there is no help for low income couple to buy a mobil home
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May 13
[Promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for information.]
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May 04
momof2cntryboys,

[promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

Hope this helps,

Josh Barnett, Realtor
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August 12 2012
Profile picture for user402162
wow! if that is the case no body wants to rent.com'n! i'm not even qualified with 655 and a 3.5% down.the lender says (WELLS FARGO) TO MUCH PUBLIC VISIT.
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July 13 2012
Profile picture for sunnyview
Carlene, it is true that you should not buy before you address your credit issues, but there is a lot of great information online.

Focus on your credit and take the time to understand what you can do to improve it. There are lots of things you can do for free to improve your credit score and make it easier for you to buy. You do not need to hire a credit repair company, but you do need to target areas you can work on to raise your credit score.

Start by getting a copy of your credit report so you know what is on it and what your current score is. One credit report a year is free from the credit reporting agencies here, but you will have to pay a small amount for your actual credit score. Last time I looked it was about $12.

You can get strategies to improve your score here and here. The myfico site also has a break down of what makes up your score and what you can do to improve it for free. Focus on making yourself a good candidate to buy before you buy. 

BTW how old is your collection account?
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July 13 2012
Profile picture for RonRa
Carlene, based upon what I see here you should rent for long, long time.  You do not need to be burdened with the responsibility of home ownership.
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July 13 2012
Carlene, I have been able to learn a lot and get very good, specific advice at www.myfico.com on the forums. It is a battle, but it is worth the effort.
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July 10 2012
Profile picture for CarleneCabrales
How can you correct your credit score if one lender say CAPITAL ONE sells your charged off account to CO. ABC and then ABC company sells to Portfolio Credit.  Now you have been dinged 3 times for the same account.  Plus your house was foreclosed on and the second was not removed so now you have an unsecured debit that there is no way you can pay off and their showing you delinguent every month????
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July 09 2012
Profile picture for RonRa
I think the question is not whether you can get a loan, but SHOULD you get a loan?  We all just paid a huge price in this country (and are still paying it) as a result of a lot of people purchasing homes who had no business doing so.  They had poor credit and no money down.  Sound familiar?  My recommendation is that you spend the next couple of years or more renting, paying your bills to build up his credit score, and most importantly, save some sort of down payment (at least 10% of purchase price).  I think you will be happier with your purchase in the end knowing that you did it the right way.
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February 03 2011

That score on its own will be tough to get approved with zero down.
But don't let that keep you down from doing some things that might
get you approved.

Get a full credit report from all 3 credit bureaus. There might be things
that could be corrected on your credit report in days or weeks. Sometimes
a report might say you have a collection account just recently and if
you have proof / or work it out with the agency that agrees to delete the
item once paid then your score can jump significantly.

Additionally, there are VA and other programs that might help. Seeing that
you wrote in July and hopefully had no credit issues since then your score
most likely has risen since 7 months ago. When looking into a mortgage person be sure they are NMLS licensed as the mortgage industry has gone through new regulations and requiring some to get re certified.


 

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January 27 2011

Good evening. My name is Fran Harrell, Associate Broker, Realtor in the Lawton/ Fort Sill area. I will be glad to lead you in the right direction to build your credit score. There are loan programs out there with 100% financing such as VA loans and Rural Development. I can easily be reached at; [Contact info removed by moderator]

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January 27 2011

Probably not at this time.  Work on getting your credit score up by paying down and paying off debt. 

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January 20 2011
It would require an extremely unique set of circumstances. Seems like the only possibility would be some version of owner financing from a desperate seller.

Building your credit and saving a down payment is much more realistic.
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January 20 2011
Good advice by all.  The credit score and down payment as stated are very important in securing a loan.  Sitting down with a loan officer, financial planner, or someone you can trust will help get you started on building your credit back up and also give you time for a down payment. 
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January 20 2011
It would be extremely hard to buy a home with that low of a credit score and with no down payment. If I was you I'd strengthen your credit score and save up some money for a down payment. Hope this helps!
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January 20 2011
I wouldn't think so. I would be very wary of a lender who would loan under those conditions...
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January 20 2011
You will need to get your score up to 640 to go VA now. You can access your credit score info for free once a year now at www.annualcreditreport.com

For more info about credit scores go to www.myfico.com

Good Luck
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January 20 2011
We have a program for people with low credit scores.  The program is not necessarily based on scores.  It's for low income households.  Contact me right away for more details on the program!  We closed a home on November 5th for a family of 3.  Only one bread winner.  They were able to buy a brand new home, no money down, no PMI.  The payments are $551 per month!  Let's see if it can work for you!!!
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November 07 2010
I suggest that you go to a lender and sit down with the lender to plan for the future.
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July 10 2010
Profile picture for wetdawgs
Sorry to deflate your dream, but you are thinking about the lending climate of 2003-2005!   What you are describing in a renter's scenario (and even then you need a deposit)

If your husband's credit score is so low, the two of you need to work to understand why and take corrective action.  How about your credit score?

Start saving a downpayment.  While a VA loan or USDA loan may allow you zero down, having your own money in the deal is a major sign of success.    Also, be aware homes have costs that one does not incur while renting.  Repairs are now on your financial shoulders.

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July 10 2010
Some of the time you have to be patient as you build your credit score back up.

It is a gradual process and the number one thing is to pay all your regular recurring debts back on time.

Save some from every pay source and set it aside for your down-payment and closing cost.

Give it some time and pick a Realtor© who can help you find a lender that will work with you.

In no time at all you will have that home you have been planning and saving for.

Good Luck!

James Callas - Realtor®
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July 10 2010
I know the rural 0 down loans require 620.

A credit score greater than 680 is preferred. If your credit score is below 620 you cannot have:

  • No Foreclosure in past 36 months.
  • No Bankruptcy discharged within 36 months.
  • More than one 30 day late on consumer debts in past 12 months.
  • Accounts converted to collections within past 12 months.
  • Tax liens or delinquent government debts (including student loans).
  • Judgments outstanding in past 12 months.
  • Outstanding collection accounts.
  • Two or more late rent payments in past 12 months
You really need to talk to a mortgage specialist so they can guide you into being able to qualify.    
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July 10 2010
 
Related Questions
Can I get a home loan with a 589 credit score and no money down?
Profile picture for sunnyview
Latest answer by sunnyview
May 13 | 23 answers
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