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Can I get a home loan with a credit score of 580?

We are looking to buy a house. We would love something that could use SOME work, but is still in move in condition as he used to work in construction. My husband works for South Jersey Gas and I am a college student that also works for my mothers business. He is prior military in case anyone needs that information. We currently live in Cumberland County and are looking to stay somewhat local to here. Looking to get a 3 bedroom house and we have been looking in the $95,000-$130,000 range. He had a repo on his credit from back when he initially got out of the military and that was 6 years ago and we have been told the company would end up writing it off as a loss anytime now. We have also been paying back any old debts and he score went up 40 points just within this last summer. Can anyone point us in the right direction? We want to buy ASAP and with a steady incline in our credit and a steady income, I am hoping that will help.
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November 08 2013 - Upper Deerfield Township
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Have you considered a VA loan? VA loans are mortgages specifically for veterans that offer exclusive benefits. These benefits include easy credit qualification, zero down payment, and competitive rates. The lowest scores VA loans can be given out for is around 560. But just because you have a score above 560, it does not mean you can get pre-approved. Your ability to get pre-approved relies on factors such as your income, debt, expenses, assets, liabilities, employment, credit history, etc. The best thing for you to go is to shop around and speak with a lender. Lenders like myself would be glad to speak with you to help you get the loan that you need. Well I hope this helps, 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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November 11 2013
Well you definitely came to the right place for advice. It's great to hear that your husbands scores went up significantly, and the steady income helps too. There are definitely some options on the table, including ones which would allow you to complete any repairs/renovations since you're open to purchasing a home which may need some work. It would be best for us to speak so I can understand your scenario in greater depth and help qualify you for a mortgage that makes most financial sense. Please contact me at your earliest convenience, my information can be found within my profile.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
-----------------------------
Licensed by the New Jersey Department of Banking (NMLS#922891)
Member of The National Association of Mortgage Professionals
Member of The New Jersey Association of Real Estate Investors 
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November 11 2013
It's going to be very difficult but possible check mortgage market place for good rates.  
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November 08 2013
You should be ok with that score and if your husband is military you should be able to go with a VA loan that allows for no down payment. Interest rates are great right now for VA as well. Reply to me thru my profile and I will be happy to assist you. But your situation sounds to me like are approval worthy. [self promotion deleted by Zillow moderator.]
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November 08 2013
 
Related Questions
Can I get a home loan with a credit score of 580?
Profile picture for Brian Nguyen
Latest answer by Brian Nguyen
November 11 2013 | 4 answers
  • Asked by theandrewsiii
  • In Mortgage
  • November 08 2013
Mortgage Rates
 
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