Posted on: 30th Jan, 2014 12:53 am
I have a credit score of 573 but there is only one negative item on my credit report. Will I be able to get a home loan?
With a 573 credit score, it will be quite difficult for you to qualify for any loan. As there is one negative item in your credit report, you should take steps remove it and improve your scores.
With a credit score of 573 and one negative item on your credit report, you will not be able to qualify for a home loan. As such, you should take the necessary steps to improve your credit score.
FHA allows scores down to 500 however very few banks will do this - those that do pick the credit apart - it also requires a larger down payment - as mentioned above the best path to get this done and done right is to take the needed time to first repair your credit -
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Hi Robin,
There is financing available to those with scores down to 530 that I am familiar with.
The requirements are pretty simple (especially since you only have one negative item that you mention).
* No late payments in the last 12 months
* No new collections, charge-offs nor judgments in the last 12 months can report
* If your score is <580 you'd need 10% down plus up to 6 months reserves. Down payment can be gift or retirement funds. The reserves would need to be your own funds (anything other than retirement) seasoned for 60 days.
Other than that the one open acct you have open, so long as the balance doesn't exceed $2000 and/or jeopardize the lien position (ie state tax liens) then you're off to a good start.
If I can answer any add'l questions, I'd be happy to help.
Best wishes otherwise,
Kimberly Lawson
Licensed Mortgage Loan Originator - Ohio only
http://kimlawsonloanofficer.com
T: 888-659-3848
There is financing available to those with scores down to 530 that I am familiar with.
The requirements are pretty simple (especially since you only have one negative item that you mention).
* No late payments in the last 12 months
* No new collections, charge-offs nor judgments in the last 12 months can report
* If your score is <580 you'd need 10% down plus up to 6 months reserves. Down payment can be gift or retirement funds. The reserves would need to be your own funds (anything other than retirement) seasoned for 60 days.
Other than that the one open acct you have open, so long as the balance doesn't exceed $2000 and/or jeopardize the lien position (ie state tax liens) then you're off to a good start.
If I can answer any add'l questions, I'd be happy to help.
Best wishes otherwise,
Kimberly Lawson
Licensed Mortgage Loan Originator - Ohio only
http://kimlawsonloanofficer.com
T: 888-659-3848
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