Profile picture for user42024142

I have a credit score of 580 my spouse 630 is there any way we can get a home loan ?

Also I would be a first time home buyer my spouse 18 years ago gross income about 60000 a year
  • March 20 2013 - Redford
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Answers (9)

Adding to all of this great advice, if your score is 580 and your spouse is 630, have you considered adding an aged trade line to your mix of credit? This credit score enhancement technique can do wonders quickly boosting your credit scores. I've had clients add over 100 points.  This is a legal process and works it works. 

In your case, you only need approx 60 points and your spouse approx 10 points to gain a median score of 640 in order to qualify for an FHA mortgage loan.

But, I strongly suggest finding a bonded and registered credit services organization with experience in trade line selection and debt-to-credit analysis. Feel free to contact me if you need a referral.
  • July 23 2013
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Buy now if you can, some Lenders go down to a 580 credit score. FHA is what your going to get if your at a 640 or under all the down to a 580 score. Rate will be a little higher in the 580-620 range but if you can buy now, why not?
  • July 23 2013
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As stated you might find a lender than can work with 580, yet its probably not the wisest financial move. Also mentioned was getting your score up before buying. I head up the credit coaching arm of our company and would be happy to help you... free of charge. Often times credit scores can be raised significantly in 5-7 days.
  • March 21 2013
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There are a few mortgage bankers who can lend on a FHA deal with credit scores as low as 580.  If you need, message me privately and I can refer you to one.
  • March 20 2013
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Profile picture for TB123456
Even if you qualify, you'd get a high interest rate.  I'd suggest saving up a good sized down payment before you go that route.   If you can come up with 20% down, you could skip the mortgage insurance which might offset the higher interest rate and then some. 
  • March 20 2013
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A mortgage broker is an excellent resource. They can find money sources for all kinds of credit scores. However, it may be not practical to get a high interest mortgage.  If you don't know a mortgage broker, ask family and friends that have recently purchase a home with a mortgage. Ask them if they were happy with the buying process. If not, I recommend Chris Moore at Benchmark. He is a serious professional.

  • March 20 2013
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Profile picture for Cindy Quinton
I meant to add that if you find a lender who will work with those scores, you will probably have to have a 10% downpayment. Please keep in mind that no real estate agent can tell you if you will or will not qualify for a mortgage. Only a mortgage lender with money to loan will be able to truly answer this question.

I also want to add that raising your scores by 60+ points can often be accomplished in just a few months with the proper action. 
  • March 20 2013
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Profile picture for Cindy Quinton
There are very few lenders who go down that low, but a few do. Also, you have to keep in mind how and where you acquired those scores. Often the scores mortgage lenders themselves pull are lower than the type consumers are able to pull themselves. You might call around (start with lenders and  real estate agents) and simply ask if they or anyone they know go down to 580. You might also consider submitting your information here at Zillow's Mortgage Marketplace and see who responds. 

If that doesn't work, you might consider simply working on your scores. I've found that www.myfico.com is a fantastic place to get advice and information on raising credit scores. Good luck!
  • March 20 2013
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Profile picture for BradNiemann
If you have a relationship with a local lender who will give you an in house bank loan you can buy a home.  If not there are no programs out there that will allow you to get a mortgage right not.  What I would do is find a local lender and a Realtor that will pull your credit and take the time to council you on what you need to do to get your score up enough to qualify.  
  • March 20 2013
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