Home loan for 560- 580 credit score

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Post Posted: Thu Jul 16, 2009 8:24 pm    Post subject: Home loan for 560- 580 credit score

I am looking to buy a home valued at 265k. I make about 70k a year and have 5 percent to put down. My middle credit score is 575-580. It fluctuates. I am married but husband credit is terrible, no stable job history, and will not be on loan. Can anyone finance this loan? Please respond. All negative entries over 1 year old and have rent receipts for 12 months.
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Icon Mini Profile gmakerley
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Post Posted: Fri Jul 17, 2009 7:29 am    Post subject:

maybe he can, but most will not be able to help you. your low down payment combined with low credit score is definitely not in your favor. most lenders require a minimum score of 620.
George M. Akerley
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Icon Mini Profile Garysnober

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Post Posted: Mon Jul 20, 2009 6:33 pm    Post subject:

If you have 20% down and get your score up around 620 it will really open alot of doors to get the loan you would like.
Icon Mini Profile timcrouchman

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Post Posted: Tue Jul 21, 2009 10:48 am    Post subject:

seeing the present market condition, lenders are avoiding to give mortgage to some one having credit score below 620


Post Posted: Thu Jul 30, 2009 2:08 pm    Post subject: home loan

What state are you in? Here we can go 95% with a 580 score as long as you have trade lines reporting for 12-24 months min. depending on program. rent receipts have to be in form of money order or cancelled checks. Can't just be written receipt from landlord.

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