Can you get aproved for a morg. or home loans with a credit score of 580?

Question

I want to try and apply for a first time buyers mortgage to get a home that is price 70-80 thousand, my credit score is 580...my husband has a good paying full time job and i am a homemaker at the moment and a student.....will i qualify?

Answer 1

credit-report-free.totalh.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Answer 2

FHA is going to want a 620. A lender may approve you with a VERY large down payment. Even if you do get approved you will have a higher rate and end up paying tons more in interest. Pull your credit report and try to figure out why your score is 580. If you have collections, then try to negotiate a pay for delete contract in writing with the collector(a paid collection is still a collection). If you have high revolving balances then pay them down. Revolving ratios account for 30% of your score. If you have late payments then wait. Negative information will remain on your report for 7 years(10 for bankruptcy). The impact on your credit rating will diminish over time though. The most heavily weighted period is the past 1-2 years. After 3 years late payments have very little impact on your score. Good luck.

Answer 3

Well it depends on how much money you are planning on putting down and what your husbands credit score is. A 580 will not get you a loan, nowadays you need to have 720 to qualify for a home loan, no one is rushing to give out home loans after the huge mortgage crisis even if you are a first time home buyer. You might want to see if you can get an FHA loan but to be honest you will be turned down with such a low credit score and you not making any money.



I would work on getting your score improved and clean up your credit. Otherwise you will have a hard time qualifying without having to come up with a huge downpayment.

Answer 4

If you go through the FHA you will have to have at very least a 620. Most banks will not lend to you with a credit score lower than a 680. Good luck, believe it or not it doesn't take much to raise your score. Just pay everything off, don't use more than 15% of your credit and give it a month or two and you will be good. (I just bought a home myself so this is how I know) best of luck to you both :)

Answer 5

This site is for comparing rates for you and free http://www.CREDITVAULT.NET



RE:Can you get aproved for a morg. or home loans with a credit score of 580?

Answer 6

No. You won't qualify even if you had 700 scores without a job. Most lenders require 620=640 scores now. You can't pick & choose between credit & income anyway- whoever qualifies has to have income and credit. You don't mention your husbands credit- if it is 640 & he works maybe he will qualify- you would be on the deed, but not on the loan.

Answer 7

There have been a several options for lending.just you have to choose depending on your purpose.Most people come up with bad credit for a loan.i don't think it is not hard to get now a days with out having fair credit score.check this is place may be a help to find solution.



http://www.bestonlineloancompanies.com



You can get approved for an online loan on same day.i advise you to pick loan from certified lenders .direct loan is the good choice so that you will get at low apr compared to different states......

Answer 8

the long and short answer is NO. You need at least a 620 score.



HOWEVER, I would talk with a lender and find out why your score is so low. If there are mistakes or judgements,etc, you may be able to fix/pay and have the lender request a rapid rescore.

Answer 9

it depends on your debt load and income. first you should find a house though, in that price range you'd be looking at foreclosures which are a mess inside. they've been abandoned for months or years and weren't kept up because the owners had no money obviously. find a realtor, find a house, then apply for a loan. I think finding a house will be the hardest part.

Answer 10

Yes, if you get a FHA loan to buy your hone and FHA only required a 3.5% down payment and is a great way to buy a house, the also do a home inspection and the must pass the inspection or you cannot buy the home. Good for the buyer. Enjoy your new home.