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Company Loan Type APR Est. Pmt.

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.

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:45 | Post subject:

Garysnober's picture
Garysnober | Joined: March 17, 2009 12:22 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:45 | Post subject:

timcrouchman's picture
timcrouchman | Joined: July 20, 2009 09:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:45 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Senior Mortgage Banker

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:45 | Post subject:

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