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Hi Everyone,Can i get a mortgage with a credit score 548 - 580 ?

Based on spending ratio I can qualify for the amount of the loan I want.  Is there anyone (lender) out there that can provide me with a program where I can qualify ?.  I aam currently working on getting my score up.  Thank you so much for any information you can provide.  God Bless !

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April 29 2013 - Wheeling
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Answers (5)

Hi There,
You very well could be able to attain a mortgage from a lending institution, but will need to find the right one.  It's almost a certainty that mega banks like Wells Fargo and Bank of America will not work with you at this time.
However, a smaller local lender (especially a hard-money lender) could be willing to make the loan, assuming other factors are in suitable condition.
Many people have poor credit these days, and it is my opinion that banks are catching up with that reality.  Keep up with your credit recovery and speak with a smaller lender or two to discover your options.
Good luck!
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April 29 2013
Have you served in the US military? There are some investors that go down to a 580 credit score on VA loans. Like Lance said below, there are other factors that go into qualifying and you will want to provide your lender with all necessary information for approval.
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April 29 2013
You may need to look at a hard money bridge loan to give yourself the time necessary to increase that credit score.
They're are plenty of lenders that would underwrite your score if the deal makes sense.
LMK if I can help.
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April 29 2013
Yes, but score is not the only factor, what does the rest of the picture look like?
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April 29 2013
Q:Can i get a mortgage with a credit score 548 - 580?
A: no...middle score  needs to be above 600 to have a chance
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April 29 2013
 
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