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where can i get a home loan with a 580 credit score?

I live in Michigan and this is my first time buying a home.
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February 07 - US
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Answers (3)

Luckily, your credit score are right at the bare minimum for most lenders. The lowest credit scores lenders like myself are able to do, is a score of 580. Since your scores are in that range, then you should be good to go when it comes to credit. Also there are other financial factors that would need to be analyzed include your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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February 07
Hello rhoderick08,


I know there are a couple of lenders that will go that low, but it's going to be a tough process to qualify.  Anything under 640 is going to carry higher risk, and the further you get from that magical number the more scrutiny will be involved.  Any lender willing to make a loan for you with that qualifying credit score is going to want to be comfortable in the fact that everything else (income, assets, account standing, job history, etc.) are picture perfect.  In all candor you'll probably have an easier time getting your credit score "fixed" prior to applying for a loan. 

An experienced Loan Officer with the right tools would be able to tell you what actions you'll need to complete in order to improve your credit score.  Even if you get to 600+ the field of available lenders will widen greatly. 

Hope this helps! 


Thanks,
Aaron
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February 07
There needs to be more known details to fully answer the question

However Tthe he quick short answer is yes  --  but there are factors that still need to be known (Job history, down payment %, ratios, is there a co borrower? ect, ect)  It might be a good idea to 'address' some of your credit issues and concerns as wel, some areas have programs for 1st time buyers as well....... A fully detailed examination of your financial situation would help and assist you a bit more

Hope that helped a little bit, feel free to reach out and good luck..!!
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February 07
 
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