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My credit score 590..How to get Home loan?

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October 11 2013 - Plano
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Profile picture for ChrisMartinez73
NEED HE:P!!
 I am in need of a home loan and have. and have a 600 credit score.  I am able to be financed through wells fargo with a VA loan but also have a charge off from Car-Max that stopped me from going any further.  This charge off is said to not allow me to purchase a home for another 12-24 months at least.  Is there any lender who could help me out with this matter?
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June 16
[Promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for information.]
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May 04
Whats funny is a see a posting that states there is no such thing as credit repair? I completely disagree in many cases you have to be licensed in the state of Texas to hold a judgement/debt against a borrower. I have had tremendous success with one company cleaning up my own clients credit.
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October 21 2013
Borrowers with lower credit scores can be approved for an FHA loan, but it depends on the total package. We have been successful getting borrowers approved with a credit score as low 560 but truthfully it was like pulling teeth with pliers. But we got done.

I would encourage you to work on your credit for 30-90 days so you can get your scores up. It will make all the difference in the world. My last client who told be he had a 590 score, I was able to boost him to 678 by following some simply rules. Let me know if you need my assistance. I am in DFW and have another office in Plano.

Best of Luck!
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October 14 2013
Yes, this is acceptable. For example, I have been able to give out loans with scores as low as 580. So since you are above this, you have a chance with lenders like myself. Another key point to realize is that your ability to obtain a loan relies on other factors as well. These factors include income, expenses, down payment, employment, assets, liabilities, debt, as well as your credit score. Either way, I recommend you speak with a lender like myself. We would be happy to speak with you to help you get the loan that you need. So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck!
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October 14 2013
We can go down to 580+ scores.  Contact me through my profile if I can help.
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October 12 2013
Contact any lender of your choice, however getting an FHA loan will require a 640 or better score. Do not fall for credit repair. There is no such thing, only time and paying your bills will fix a low fica score.
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October 12 2013
Hi,

There may be lenders willing to work with you with a credit score at 590,but that loan may prove costlier.  There are loan level pricing adjustments based on credit scores.  I would recommend going to www.annualcreditreport.com to check your credit and scores and work on bringing your scores up.  Most common factors that bring scores down are delinquent accounts, late payments, balance relative to your credit limited, number of inquiries, or lack of credit.  If you are willing to work on improving  your credit you will position yourself for better financing options.  Depending on the severity of your credit situation you may not be that far off from attaining a credit score in the mid 600's. 
I work with several clients that have been in a similar situation and they were able to improve their scores to more acceptable levels and now own their own home. 

Good Luck,

Paul Matos
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October 11 2013
Hi,

Have you been told that 620 is the lowest FICO to get a home loan?

Yes, it is more difficult to get a loan with a lower credit score and the interest rate and fees will be higher, there are lenders out there who would be willing to work with you. There are other factors (income, employment, assets, etc.) that also come into play when getting a loan. Talk to lender about the latest FHA requirements.

Even if you have to wait 6 months to a year to raise your credit score, I hope you don't give up on your dream of owning a home.
Good luck!
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October 11 2013
As a Retired Banker, there are many options for people with low credit scores. First off I would recommend you get copies of your credit reports to see if there is any small things that you could possibly pay off to get your score up. There is cash, money down talks!  If you have a nice down payment that always helps.  If you are in the Military there are goverment VA Loans.  Start with a cheaper house, it may not be exactly what you want but you can flip it to make a profit and buy a better home.  Work with  a banker to ask what you can do to make them give you a loan? They will make recommendations, last but not least CREDIT UNIONS are must easier to work with or small local banks.
Hope this helps
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October 11 2013
 
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