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Credit score of 580, am I able to get a loan?

by nicho.willi740 from Raleigh, North Carolina. Oct 23rd 2017 Reply


Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 532 contributions

Most mortgage bankers and mortgage brokers outside traditional banks offer FHA, VA, and USDA with a mid FICO score of 580. Do you need a NC referral? If so contact me directly at saradeere@leader1.com.

Oct 23rd 2017
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John Schweer (johnschweer)
#9 ranked lender in Missouri - 163 contributions

with that score there are options out there, depending on the terms you are looking for.

Oct 23rd 2017
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Steve and Eleanor Thorne (Eleanor Thorne)
#1 ranked lender in North Carolina - 27 contributions

You might qualify - I hate to say yes or no without actually speaking with someone and getting all of the information. We do approve manually underwritten Government Loans down to 580 credit scores. If you need down payment assistance, from NC Housing, you will need a 640 credit score, but we can talk - figure out the best strategy for you, and help you get there! Congratulations on deciding to start down the path to Home Ownership!

Oct 23rd 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,426 contributions

More info needed.. It takes much more than a credit score to obtain financing.. but assuming you meet all other eligibility requirements, then it's possible. With a score that low, it's obvious that you have some derogatory credit issues. Certain derogatory events have mandatory waiting periods.. Foreclosure, BK, short sale, Judgement, etc.. There might not be a waiting period, or you might need to wait 3 years.. It just depends.. But if you want to know for sure, you should contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Oct 23rd 2017
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