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credit score 580 is there any where in MN we can get approved for a loan we are looking for nothing more then 60,000$

by danaba_500_606 from Coon Rapids, Minnesota. Sep 6th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

A 580 score is not likely to get approved, loan amount is not really relevant. You are going to need to have a middle score, not highest, of 620 to 640 before you can get approved.

Sep 6th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You should really work on getting your score up.. not many lenders out there willing to take a risk on someone with such a low score.. 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. 480-287-5714 WilliamAcres.com

Sep 6th 2012
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Jeremy Redlinger (JeremyR)
#30 ranked lender in Minnesota - 191 contributions

As a mortgage broker based out of Maple Grove, MN we work with well over 40 different lenders. With that being said, we do have lenders who will accept a 580 score on the purchase or refinance of a home. However, a 580 score will have a higher interest rate and may have a few more stipulations than a 620 score. I would love the opportunity to go through your credit with you to see if there are any small fixes that can be made to improve your score. You can reach me directly at 763-400-7531.

Sep 6th 2012
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Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 584 contributions

If you or your co-borrower 62 years or older, you could buy something for 60K with a reverse purchase.

Sep 6th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

what is on your credit report? there are ways to improve it... please email me at yourloanpartnerforlife@live.com

Sep 6th 2012
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David R Youngs - Assistant Vice President (DavidRYoungs)
#65 ranked lender in Minnesota - 68 contributions

I know this is an older question, but I wanted to state that I have access to several underwriters that will do a loan with very little adjustment to interest rates for FHA, VA & USDA loans down to 500 credit scores. Keep in mind though that if your score drops below 580, you may need to put more money down. If needed, I also have a few "portfolio" lending options available that have NO score requirements. When the scores are around 580 or lower, it becomes much more about WHY the scores are low instead of what the score is. Any questions - feel free to give me a call @ 651-636-2840 Ext 12 or email me at dyoungs@progressivels.com for a FREE consultation.

Feb 1st 2017
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