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would I get approved for a mortgage loan if I have a rising credit score of 592?

My boyfriends score is a little better than mine.
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November 05 2013 - Lowell
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We go down to 580 on FHA loans. Approval would be contingent on your entire profile (credit history, employment/income, debts, assets, etc.). We are located in MA. Feel free to contact me through my profile if you have any questions. Good luck
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November 06 2013
Jessica,
The answer is maybe! Your credit score alone does qualify under FHA FICO guidelines but there are a few more factors we'd consider, such as your income, job, and overall credit profile.
We have helped many lower-score buyers in Massachusetts, New Hampshire, and Maine and can certainly help you as well. I would recommend a pre-qualification meeting first.
Feel free to contact me though my profile.
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November 06 2013
Beware of lenders offering loans with low credit scores...  I would consult a local lender and see what they say.
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November 05 2013
Your credit score is still acceptable! The lowest credit scores lenders like myself are able to do, is a score of 580. So us lenders would be able to give you a loan if your other finances are in place. 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!
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November 05 2013
Great Question!

There are a few options for a credit scores above 580. We also have an in house credit specialist who works with our buyers to help them quickly raise their credit. The best thing of all is his services are free!

Please contact me if you have any questions!

Brandon 
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November 05 2013

Everyone is different, she is right. Most will require 620+ unless you can get your hands on a bank that can look at 580 score (or below for FHA). I would call around and see what guidlines are for different banks in your area.

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November 05 2013
You may find some lenders who will go down to a 580 score, but the vast majority will require 620+   Your best bet is to have a lender run your mortgage credit report and give you advice as to how the scores can be boosted further to prepare for a purchase. Don't allow your credit report to be run multiple times as that would be counter productive to your scores.
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November 05 2013
Actually FHA only requires a 500 credit score.  There are banks that lend down to 530 with 10% down on a purchase and 3.5% down with a 580.

We are a National Bank that lends in all 50 states.  If you have further questions, contact me through my profile.

Thank you and good luck.
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November 05 2013
FHA requires a credit score of 620 to qualify for a home. But keep in mind you also have debt to income ratio to look at as well. Give a lender a call and get preapproved. They can usually let you know the same day or give you advice on how to get to that goal of purchasing a new home.
Good Luck!
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November 05 2013
Jessica,

As already stated, your best bet would be to contact a mortgage broker and talk to them about your situation and they can best tell you exactly how you are looking. 

I would be more than happy to assist you, my office is in Lowell and work with some local lenders that would be able to assist you. Contact me at anytime.

Thanks,
Justin Melo
Bettencourt Real Estate
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November 05 2013
Jessica-
It really depends upon your credit history and your current circumstances including:

 -job status
-income
-current debt

The best thing to do is to get pre-qualified with a lender to see where you stand. Theres no risk and at least you would have more information to go on.

If you need help with that please let me know.

Thanks,
Scott
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November 05 2013
 
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would I get approved for a mortgage loan if I have a rising credit score of 592?
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