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What are my chances of getting a mortgage loan with a fico score of 594?

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April 22 2011 - Lynn
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Slim - but it is possible if you can stomach the loan parameters!
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May 16 2011
Profile picture for Daniel1950
 First question is what is your score and  if it's less then 620 your out. 
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May 15 2011
Profile picture for MagaliBlack
I think that even if you can get a mortgage it doesn't mean that it the best thing for you to do. You should think about trying to improve your credit score in order to acquire better rates. There are many non-profit groups that have workshops that can give you a better understanding of how long it takes to change your credit score.  Friends & Money, a local meetup group, will be hosting a small group review regarding Credit Scores.  For more information check it out at: http://www.meetup.com/Friends-Money/
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April 29 2011
The availability of Subprime Mortgages is one of the reasons for the current recession.  Many subprime mortgages were loaned out to people with FICO scores lower then 600.  The "quality" of these loans were being lowered and the delinquency rates increased as a result. 

Unless you have a substantial amount of money to put down on a house now a days, I would wait and pay off your current debt and look into a house at a future date.  Being a realtor I would love for you to purchase a home, however, seeing someone foreclose is worse then not buying at all. 
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April 26 2011
Zip!!!  go pay off your bills
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April 26 2011
Pay down/off your credit cards, then "rapid rescore" the balances which will increase your scores in a week.

We offer this service direct through TransUnion, Experian, and Equifax.

Rapid Rescore also works with "inactive" accounts and collection accounts.

Contact me through my profile for more info.
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April 26 2011
There are many lenders who accept borrowers with lower credit scores. For example, we go down to 600 on FHAs but can go lower with compensating factors. You should contact an R.E. Agent in your area and be upfront with them and explain your credit situation. Hopefully they a contact they can put you in touch with that can work either with your credit as it or can point you in the right direction. In the meantime, please ready my article about this very subject. I hope it helps.

How can I raise my credit score?

Can someone with bad credit get an FHA Loan?

Best of Luck!
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April 25 2011
Hi Lynn,

Depending on what is gong on with your credit you may want to go online and see if all informaiton on your three scores are correct and up to date.

If your not able to raise your score by paying off some debt or fixing issues with your credit there is private money or a potential lease option.

Private money typically is more concerned with equity and the ability to pay than your score.  

IE the more you put down and the better your income the lower your rate.
The thing with private money is it is not meant to be a long term loan.  It can get you in a home in an excellent buyers market.  Generally the interest rates will be higher based on your down payment and an interest only loan for a period of three years or so.

Once the three years is up you can refi (hopefully) to an FHA loan if your paid every thing on time your score should raise to FHA limits.
Not a bad idea this can help you get in now and make sure you buy what you can afford to pay. 
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April 25 2011
We have a program to help borrowers increase their credit scores. If you are interested, drop me a line through my profile.
Jeff
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April 25 2011
Some say there is no min. credit score for some loans, but let's face it.....there is. Talk to a lender to get pre qualified and they will tell you what you needs to do. Or google how to fix your credit score and follow the tips.
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April 23 2011
You will be surprised with just adding a trade line and paying it off consecutively for a month of two will do to boost your credit score. Any other credit cards that you can pay down to 40% of the high balance is going to help  be a score booster also.
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April 23 2011
Profile picture for shapiroamg
It may just be fringing your account(s) current if there is a past due.
____________________________

Fringing is not an option.

I meant to say "bringing your accounts current if there is a past due"
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April 23 2011
You have some great advise.  I am sure once you check the three credits and fix any mistakes that will bring  you up.  Work with a lender and they will direct you.  Enjoy the weekend.
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April 23 2011
Would you loan someone money who has a 594 score? And if you did what sort of interest rate would you charge them to offset the tremendous risk?

I'd concentrate on getting your credit score up over 620. Buying a home with such a low credit score (if you can do it) is going to be tremendously costly. Rent for 7 months and focus on improving your credit. Owning your own home is not always the right decision.

There are probably some small things on your credit reports (there are 3 reports) that you could get wiped off with a small amount of effort. Listen to the mortgage brokers in this discussion. They know how to help you. I wish you luck. And congrats on the wedding!
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April 22 2011
That doesn't work sofed!  Good credit does not offset bad credit.  You need to fix the bad credit to get a reasonable loan.
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April 22 2011
Profile picture for sofed
Chances aren't too bad if you have a co-signer. Maybe you can ask a good friend or relative with excellent credit score to add you as an authorized user to his/her credit cards. This may boost up your score sooner than you think.
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April 22 2011
Profile picture for shapiroamg
The other question is: What is making it 594? Many loan officers, me as well, have credit analyzing software that can make suggestions on how to boost your score. It may just be fringing your account(s) current if there is a past due.
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April 22 2011
Profile picture for sunnyview
I had read a while back from a Wells lender that they do approve a small number of 580 scores with a 10% down payment. Generally, the lower your score, the higher the down and the higher the costs. Your best bet is saving up a down and targeting improving your score. 

There is some info in an old thread Wells program here, but things chnage quickly so you would have to call them directly to verify.

http://www.zillow.com/adv ... T/388458/

http://theleasetoowncharlotte.com/2011/02/07/wells-fargo-lowers-fico-score-requirements-to-580/
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April 22 2011
Profile picture for dkim781

Heres the scenario: mid 20's(age)...making 50k a year...looking to purchase a house in a few months...getting married soon...been hearing that wells fargo now accepts 580+....any info on that...thanks in advance

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April 22 2011
I would go with the answer provided by the lender with 12,227 posts   rather than the agent with only 1 post.

As a lender, I agree with wetdawgs.   It will be hard to find a mortgage bank who will help you. You are probably looking for a private lender who will charge a much higher interest rate.   It would be much better to clean up your credit and then apply.
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April 22 2011
Profile picture for wetdawgs
Many lenders won't consider a FICO of <620 and possibly 640.  If your middle FICO score is 594 you are going to have to look hard for a lender and pay a higher interest rate.   Why not spend a few months bringing your score up?

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April 22 2011
If you have solid employment & income you should be fine. Expect to pay a little higher interest rate than someone with a higher score.
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April 22 2011
 
Related Questions
What are my chances of getting a mortgage loan with a fico score of 594?
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Latest answer by Jonathan Davis
May 16 2011 | 22 answers
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