Posted on: 19th Nov, 2013 11:30 pm
What type of loan program is available for people who want to buy a home but have a FICO score of 580. The negative items on the credit report are more than 6 years old.
Hi jeanna,
With a FICO score of 580, it will be quite difficult for you to qualify for any kind of mortgage. Still, you may apply for a FHA loan and check out if lenders get ready to offer you this loan option.
Thanks,
Jerry
With a FICO score of 580, it will be quite difficult for you to qualify for any kind of mortgage. Still, you may apply for a FHA loan and check out if lenders get ready to offer you this loan option.
Thanks,
Jerry
There are a couple lenders, not many, who do FHA mortgages down to a credit score of 580.
Other than finding one of those lenders, I am not aware of any other choices.
I cannot recommend a lender to you because iIhave no idea in which state you would be purchasing.
Other than finding one of those lenders, I am not aware of any other choices.
I cannot recommend a lender to you because iIhave no idea in which state you would be purchasing.
We go down to 580 on an FHA loan. We can also look at running the credit simulator (free of charge) to determine how to raise your scores to get you a better rate.
The other option would be hard money (offered down to a 500 score) All you would need to do is show regular deposits into a bank account for 24 months. Please be aware, hard money rates are higher than published rates for traditional financing, but it will get you into the house and you can refinance when your credit improves.
These programs are available through us nationwide.
The other option would be hard money (offered down to a 500 score) All you would need to do is show regular deposits into a bank account for 24 months. Please be aware, hard money rates are higher than published rates for traditional financing, but it will get you into the house and you can refinance when your credit improves.
These programs are available through us nationwide.