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how can I purchase a home with a 574 credit score

by latoya49247 from , California. Jan 9th 2015 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

There are lenders that will allow you to get an FHA loan with that score, you will however need to put a minimum of 10% down. Your overall credit will also still need to be analyzed. Also your maximum debt to income ratio will be 43% on any score below 620. You will most likely need a mortgage broker as most if not all lenders will have higher credit score requirements. Speak with a broker and have them go over your credit, if you have a 580 or better middle score you will only need to put 3.5% down.

Jan 9th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

You could pay cash!.. But if your looking for financing options, there wont be many.. Understand that it takes much more than a credit score to obtain financing.. Income, debt, debt to income, job, credit deficiencies such as a BK, short sale, foreclosure, repossession, etc.. you could have a 750 credit score and have a major credit deficiency that could prevent you from getting approved.. Also understand that although lenders advertise they can help borrowers with 500 credit scores, VERY FEW that apply actually get approved.. the guidelines are very strict, so must wont qualify.. your better off getting with a credit restoration company and work on improving your credit... 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

Jan 9th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

You can get an FHA loan with a 10% down payment with a credit score below 580. If you get your score above 580 you can get an FHA loan with a 3.5% down payment. However, it all depends on your total credit picture. The credit score is only one part of it. You will need to first find a local lender who offers FHA loans below 580 and then have them review your application, credit, finances and assets to see what you do qualify for. Best wishes, Sean

Jan 11th 2015
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Christina Hayes (CreditRepairExpert)
#8 ranked lender in Tennessee - 68 contributions

You will need to take a close look at your credit and see what is going on with it. Too little credit, too much debt, too many collections? If you'd like some help on improving your credit scores give me a call. Good Luck.

Feb 20th 2015
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