Profile picture for petrastampnik

Credit Score

How low can my credit score go so that I will still get a loan?
  • April 23 2014 - Kansas
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

The lowest scores that lenders are able to do are scores of 580. If your scores are above that, then you should be fine. If your scores are below 580, you will have to work them up to 580 or above if you want to have a better chance at obtaining a mortgage. The simplest ways to fix your credit is to pay off your debt and revolving credit balance on time. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 24 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I have a NO FICO FHA Program!  We can also go down to 580 and below depending on circumstances.  Feel free to contact me.
  • April 23 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There are lenders accepting loans with a credit score as low as 500, these types of loans usually require more of a down payment, and you can expect a interest rate bump.  The best thing would be to contact a lender and they will get you set up.
  • April 23 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It depends upon your loan product. Some lenders will go as low as 580 on an FHA loan, but will require that you have additional reserves (several months worth of payments in a bank account). You should speak with a mortgage professional to determine what loan products you qualify for. Additionally, many lenders work with credit repair companies that can assist you in plans to increase your credit score in the shortest time possible.
  • April 23 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.