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Do I have a chance in getting a mortgage with 580 credit score?

I'm in Ohio and wanted to know if there are any lender's willing to give me a loan with a 580 credit score. I would like to give a 5%-20% downpayment.
  • September 29 2013 - Dayton
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Answers (14)

It is possible. There are lenders out there willing to work with that credit score.
  • October 13 2013
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Yes - there are many lenders that will loan on a 580 FICO score now. I would do a "search for a pro" here on Zillow.com & select a lender with great reviews and reach out right away.
  • October 08 2013
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We are a National Lender who can lender FHA & VA loans down to 530 fico.

Please contact me for details.

Good luck!
  • October 08 2013
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Yes there are lenders who will work with 580 but there are also some lenders that will not work with a 580 credit score - Which could make your pool of lenders smaller- If you can work on your credit it may be more beneficial where your rate may be better. 

Good luck!
  • October 02 2013
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From a financial standpoint, put as little down as possible. Gone are the days of more money down means more likely to get financed. Today, the opposite is true. More money in your account after closing, more likely to close. The lender wants to make sure you can make the payment next month. 

Instead, you should think about saving your money for retirement purposes. We can't depend on the government to be there for us when we stop working. Where you save your money is important, so make sure you ask about different products when choosing the right option (managed funds, IUL, Roth IRA etc). 
  • October 01 2013
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Why wait to repair credit if the home you want is available and you can readily afford it?  There are banks that can originate FHA loans with low scores.  I know a couple that recently purchased a home with 595 credit.  The affordability is one of the most important considerations by a lender.  Is the income steady?
If you want to know for certain the likelihood of being able to buy a home now given your situation, feel free to reach out and I will guide you through it. Cheers!
  • October 01 2013
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  • September 30 2013
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Yes you do! There are lenders like myself out there that can give loans with credit scores as low as 580. It also helps that you would be able to give 5%-20% down because that makes you even more likely to obtain a loan with your credit score. For you, it's just the matter of finding the right lender that can work with what you have so shop around for different lenders.

Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
  • September 30 2013
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Hi Susy,

I suggest for you to shop around for different lenders to see who has the best program for you.  And ask them what you need to do to get your credit score up that would qualify for a loan.  Also ask them after you do what they suggest when they think your credit score would have improved enough to qualify for the loan. 
  • September 30 2013
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You may want to look into manufactured housing.  Clayton, Oakwood Homes.  This is a great option for anyone with lower credit scores.  You get home ownership now and you can always refi later when you credit score is better.  You will look better to banks as you can prove you will make payments on time and you will build up equity in your home at the same time.  Best of luck God Bless Tony Brown, Owner Carteret Title LLC, Manufactured home closing specialist.
  • September 30 2013
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Most lender run credit reports through Kroll Factual Data. There is software built inside of the program called CreditXpert. You can tell it you want to increase a borrowers fico score by say 50 points. This program will run the scenario and tell you what you can do to boost the fico. Most loan officers are unaware or do not even have access to this software. Reach out if you need me to help. It's a very easy process. Thank you

  • September 30 2013
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Susy, even if you could the best thing that you could do right now would be to build up your credit score and to start building towards better credit patterns in your life.
  • September 30 2013
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There is a reason you have a 580 credit score Susyq31. You probably shouldn't commit to a loan even if you could get one. Work on improving your credit first then try.  You'll find loan cost are a lot cheaper at a higher credit score and you'll feel better about your situation.
  • September 30 2013
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Hi Susyq31

you may want to check fha program it can go as low as 500 fico. just remember every lender has over layer so best thing check  with local mortgage broker. 


Sincerely 


Omar Khamisa
  • September 30 2013
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