Posted on: 23rd May, 2011 06:51 pm
I have a Credit Score around 580 can i get a home load for a $130.000 home with $60-70.000 down this is what i have to pay down on a home.
Hi moses,
With a credit score of 580, it will be difficult for you to qualify for any kind of loan. In order to get a FHA loan, you should have a credit score of around 600-620 whereas for a conventional loan, you should have a credit score of around 700-720. I will suggest you to improve your credit score and then look out for a loan. You can check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
With a credit score of 580, it will be difficult for you to qualify for any kind of loan. In order to get a FHA loan, you should have a credit score of around 600-620 whereas for a conventional loan, you should have a credit score of around 700-720. I will suggest you to improve your credit score and then look out for a loan. You can check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
>>with $60-70.000 down
Are you saying you have $60,000.00 to $70,000.00 to put down? If yes, there are Lenders that'll accept a 580 FICO, but it'll still be a challenge.
Are you saying you have $60,000.00 to $70,000.00 to put down? If yes, there are Lenders that'll accept a 580 FICO, but it'll still be a challenge.
Hi moses!
Welcome to forums!
As James has suggested in his post, with a credit score of 580. FHA loans may be available to you. But there is hardly any chance to qualify for a conventional loan.
Sussane
Welcome to forums!
As James has suggested in his post, with a credit score of 580. FHA loans may be available to you. But there is hardly any chance to qualify for a conventional loan.
Sussane
Never mind about a conventional loan. Shop specifically for an FHA loan designed to help people with a challenged credit score. Yes, they exist; you have to seek them out.
