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Answers (4)
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
582 score is OK, problem is finding a Lender who can do a $20,000 mortgage. That is more of a personal loan or credit card.
- josh120411
- Contributions:18
If you have a two year history of working part time, I believe you can use that income to qualify... Most companies cannot finance with a credit score below 620 but I heard recently that Quicken Loans can finance with a score as low as 580... That may be something worth looking into.
- Karen Paytas, "Karen. Paytas"
- Contributions:77
As Colette stated with the credit score being less than 620 and part time work history you are going to have a difficult time getting financed at this time. Even though FHA is not credit score driven your lack of a 2 year work history is going to hinder the buying process at this time. You can contact some lenders and see if they can advise you on what you need to do to get qualified in the near future.
Good Luck!!
Good Luck!!
- Colette Dale, "ColetteHollierDale"
- Contributions:24
Unfortunately, not having the 2 years of steady income will be an issue. Most lenders want a credit score of 620 (or better) with a steady 2 year income history. Although, there are some lenders out there that will attempt to work with someone in the upper 500's, where you are. It's not having 2 years of income that I think may be your downfall. But it never hurts to shop lenders to see if anyone is willing to take a chance on you. Once you have a full time job, along with your part-time work history, check with lenders again.
Credit score of 583??
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