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Credit score of 595, can I still get a loan?

Is it possible to qualify for a loan with a credit score of 595? Had trouble in recent past but paid off all collection accounts in 4/10. Still trying to get some bureaus to reflect paid off dates. Have a 23 yr job history, over 12K per month gross income and about $900 per month in bureau reported credit. We've been renting for past 3 1/2 yrs and qualify as first time buyers. Want to purchase home for $400K with 3.5% down and can easily afford it now but am worried lenders won't touch us regardless of job history, income or debt. I would like to know what to expect. Thanks. by benjiro from Corona, California. Jun 27th 2011 Reply

Gregorio Denny (GVDenny)
#240 ranked lender in California - 380 contributions

I would love to take a look at your credit and see if you qualify. I can do an FHA loan down to 500 with 10% down and 580 with 3.5% down but it's not all about the credit score. The reasons for the low score can still disqualify you so contact me and lets see where you stand. http://WeFixRates.Com

Jun 27th 2011
Chris Gummerson (cgummerson11)
#380 ranked lender in California - 648 contributions

Welcome, your job history is great. Your income looks good, but its your credit that will shy away most lenders. FHA does allow to sub 600 fico scores, but most lenders will want about a 640. Do a search if no one replies to you on this page. Search for FHA lenders and call around with your scenario. Many loan officers will say they can do it, to get their foot in the door, but they cant in the end. Be upfront and look for a loan originator that is licensed and is reputable. You would need to put 10% down on this program and not have any late payments in last 12 months.

Jun 27th 2011
Dan Paladin (dpaladin)
#1 ranked lender in California - 483 contributions

All sounds good. To qualify for the sub 600 FHA detailed analysis of your credit beyond the score is needed to determine if you meet the rest of the credit guidelines..please feel free to contact me to discuss...877-369-4319

Jun 28th 2011
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