Posted on: 25th Oct, 2009 05:38 pm
We were trying to get a home loan through 5th/3rd bank.Our lender has been jerking us around and we are trying to buy a hud home.We've needed to put 2075 into this fiasco.Can someone direct me in the right way??
Have you received any feedback from banks you have alredy contacted for mortgage? they can give you right feedback.
Hi pr,
It is going to very difficult to get a loan with a 580 score. You need a minimum of 620 credit score to qualify for an FHA home loan in this market. If you wish to take a conventional loan, you need 700+ score to qualify. I have heard a few local lenders still offer loans with a less than 600 credit scores. But it will be hard to find them out in this depressed market.
It is going to very difficult to get a loan with a 580 score. You need a minimum of 620 credit score to qualify for an FHA home loan in this market. If you wish to take a conventional loan, you need 700+ score to qualify. I have heard a few local lenders still offer loans with a less than 600 credit scores. But it will be hard to find them out in this depressed market.
My minimum credit score requirement on purchase transactions through my Portfolio FHA product is 550. You might also want to look into Mid-Island or First Guranty.
Depending on the area of the property, there are a few lenders left that will still go down to the 580 mark. Please let us know where the property is and I'm sure we'll be able to better assist you. My particular area of New York & New Jersey still has some programs remaining for prospective homebuyers like yourself. I hope this helps...
