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Is it possible to purchase a home with a credit score of 583?

  • November 14 2013 - Gardendale
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Answers (3)

That credit score is right around the border. The lowest credit scores lenders like myself are able to do, is a score of 580. So if all your other finances are in place lenders can work with that score. It's also important to understand that you're ability to obtain a loan relies on other factors as well. These factors include income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • November 15 2013
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  • November 14 2013
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Check with local mortgage companies/brokers. They typically have more options for buyers in unique situations than banks to, and can offer creative financing if you meet other qualifications. It never hurts to ask. Even if you find out that you don't qualify right now, a lot of mortgage brokers will work with you to get your credit where it needs to be in order to qualify.

Another option might be rent to own, if you find a seller willing to rent to you for a while. All or part of your rent would go toward a down payment on the home while you're repairing your credit. Once you get to a place where you qualify for a loan, you purchase the home, minus the amount you put toward the down payment. 
  • November 14 2013
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