Profile picture for kmez

I have a 581 FICO score and would like to get a mortgage.

I pulled my credit report and found 18 inquiries that I didn't ask for and have disputed them. I found a house in Cleveland, OH for $69,000. Am I able to get an FHA mortgage or any mortgage? Thanks.

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June 05 2011 - Cleveland
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Answers (4)

Profile picture for user3607269
You know what I find amusing... I had near perfect credit (770) before the housing bubble popped. My mortgage lender is BoA and even though I never missed payments, my mortgage was lost in their futile attempt at upgrading their systems to absorb their Countrywide mortgages. I have been living a nightmare ever since (2009). Lost and unapplied payments forced me into 3 different remodification agreements, which were also lost or just plain ignored even though I continued to meet the requirements of each of the agreements they laid out. False payment history reported to each of the credit bureaus tanked my credit score to a 420, and created ripple effects of increasing interest rates on the credit card I had with them up to 30%, as well as unauthorized transactions to the bank account I had with them. I've involved the attorney general of my state many times on the illegal, unfair and deceptive practices involving this lender. I have had credit monitoring on my credit history for almost 3 years and have disputed the info repeatedly, but it has taken me this long to get my score back up to a 580. These numbers mean nothing when the data reported is false and inaccurate. Finally, hard inquiries do affect your score. I've recently increased my score by 26 points by having 2 hard inquiries expire off of my reports. Best advice would be to set up credit monitoring with a monthly report, so you can know which info is accurate and dispute everything that isn't.
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August 07 2013
580 doesn't equal no mortgage and yes it makes it more difficult and you have have a lender that offers this program that is harder to find today.  There are lenders that offer it.  FHA allows it, but you have to find a lender that doesn't have a 620 or 640 credit score overlay to FHA's mortgage guidelines.  I will keep my eyes open and if I come up with one I will come back and let you know.


Good luck
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June 09 2011
The 580 credit score does not leave you out.  However, it does make it very difficult.  First you have to find a lender that will go that low.  There are a few out their.  You will most likely have to have more than normal money to put down or face higher interest rates.  Each lender has their own underwriting rules.  Find a good loan originator or mortgage broker who has access to lenders that meet your credit score issues.  If that does not work, you may be able to buy this house under a land contract with the seller.  Generally, that means a down payment, probably higher interest rates and a short time to pay off the loan with possibly a balloon payment at the end.  It will depend on what the seller is willing to do.  I own a home in Cleveland  [Content deleted by Zillow moderator. Please refer to the Good Neighbor Policy for more information.]
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June 05 2011
The inquiries alone are not the reason for a 580 FICO.  Why is your score ehat it is? Late payments? High balances?
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June 05 2011
 
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