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favors · Joined: 17 Apr 2008 Posts: 10 5.09 Dollars($)

Hello, are there lenders out there still doing 580 credit scores to purchase their first home.

jameshogg · Posted: Thu Mar 12, 2009 9:34 pm Post subject:

Hi favors,

As your credit score is 580, you can apply for a FHA loan. FHA loans are available at a credit score of 580 provided you do not have any collections, or late payments in your credit report. You may contact FHA lenders and check out the rates and terms they are offering.

Thanks

solidaynathan · Posted: Fri Mar 13, 2009 10:17 pm Post subject: There was...

Up until last week 580 was possible... unforunately, as a lender rep told me the other day... "620 is the new 580".

Most lenders changed their guidelines last week and in this world of needing to loosen credit requirements... they decided to tighten them.

If there are any left offering 580 they are far and few between.

Best of luck!

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Yes ive also heard the same 580 use to be ok but it has been bumped up to 620 min to even get someone to talk to you about a loan.

gmakerley · Posted: Wed Mar 25, 2009 1:25 pm Post subject:

there are actually a couple of products left that will accommodate a score of 580. usda is one, for example. there is a need to be in an eligible area (there are maps to do this determination).

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