Forgotten Your Password?

Need to Register?

Question Icon

571 credit score conventional loan at 50%ltv

by rogerbye117 from Baton Rouge, Louisiana. Oct 16th 2014 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

Although there are lenders out there that will fiance borrowers with scores that low, the reality is that very few that apply actually get approved. Understand that it take so much more than a credit score to get approved.. For this reason, the lender needs to look at your complete profile to determine your eligibility. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they should be able to advise you properly. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 16th 2014
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Agree with William, your best option will be to use some of your cash to improve your credit before applying.

Oct 16th 2014
0
0
Mario Larrea (Mario813)
#247 ranked lender in Florida - 4 contributions

I am able to finance down to 500 credit scores in most cases. You would be a strong candidate for one of these programs, given the amount of money that you are putting down. Please contact me if you would like more information.

Oct 16th 2014
0
0
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

You would not be able to get a true conventional loan at a 571 credit score. However you would be able to look at an FHA loan. Of course the approval is more than your credit score and they will look at the overall credit and income picture. Talk with a local loan officer and see what your options are.

Oct 16th 2014
0
0
Subscribe to our news feed.