588 score and mortgage

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Icon Mini Profile fosterwallace





Joined: 14 Apr 2010

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Post Posted: Wed Apr 14, 2010 7:16 pm    Post subject: 588 score and mortgage
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My husband has a fico score of 588. Are there any lenders who will qualify him for FHA or USDA loan of $250,000. He makes $50,000 a year, and he has been in the same profession for 16 years. Also, would having a judgement removed from his credit report increase his score at all.
Icon Mini Profile Niicss
Niicss




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Post Posted: Thu Apr 15, 2010 3:38 am    Post subject:
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Your husband will require a credit score of 620 in order to get a FHA or a USDA loan. Though he has a good income and stability of job, the lender will require him to fulfill the criteria of credit scores as well. If a judgment gets removed from his credit report, it will definitely have a positive affect on his credit report and increase his scores.
meg

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Post Posted: Thu Apr 15, 2010 4:17 am    Post subject:
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Thanks for the info.
Icon Mini Profile JKennedySLG
JKennedySLG
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Post Posted: Thu Apr 15, 2010 1:08 pm    Post subject:
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There are a handful of lenders whom will underwrite FHA loans down to a 580 credit score. In order to get approved, you must show compensating factors (utility bills, 24mth rental history, etc.) making up for lack of credit worthiness. Please specify your location and someone within the community may be able to better assist you. I hope this helps...
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Roy

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Post Posted: Mon Mar 21, 2011 11:45 am    Post subject: 588 FICO
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Any Reps in Georgia
Icon Mini Profile smithsussane
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Post Posted: Tue Mar 22, 2011 12:01 am    Post subject:
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Hi Roy!

Welcome to forums!

With a credit score of 588, it will be difficult for you to qualify for a mortgage. Even to qualify for a FHA loan, you'll require a credit score of around 600-620. You can contact the local lenders in your area and check out if you can get a loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.

Feel free to ask if you've further queries.

Sussane
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