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I make 130k a year but my credit is a 530 can I get a home loan with a low credit score

by Carl.logan1911325 from , California. Mar 23rd 2016 Reply


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

Much more info required to answer your question.. But, with a score that low, it's unlikely.. There are lenders that advertise they will go down to 500, but in reality, the lower the score, the more strict the guidelines are, and few that apply actually get approved.. So for your best chance, you should have a score in the 640 range.. there are programs that go down to 620, 600, 580, and a few even go lower, but again the lower the score, the harder it is to get financed.. also, WHY? Why is your score so low.. BK? Foreclosure? Short Sale? Unpaid Taxes? Unpaid Student Loans? Judgments? You could have a 750 credit score, yet with one of these credit deficiencies, you still might be denied.. And also understand that it takes so much more than a credit score to get approved.. Income is good, but if you have a ton of debt, and your ratios are to high, you will be denied.. and, is your income verifiable.. what about tax returns? W2's? Self employed? Too many unanswered questions to advise you properly.. For this reason, I suggest you contact a LOCAL mortgage 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 your LOCAL 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 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 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 NMLS# 226347

Mar 23rd 2016
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Marc Noddle (MNoddle)
#229 ranked lender in California - 8 contributions

With that type of FICO score, you're going to need to go private money - specifically Subprime in my case. Is this a purchase or refinance?What city & state is the property located in?Can you prove your annual income via W2/paystubs or 1040's?Please give me a call if you're interested.Thank you.Marc Noddle Senior Account ExecutiveIndividual NMLS #290322Athas Capital Group DBO #603 F869All Loans made in compliance with Federal, State and local laws. 877.877.1477 ext 242 Office818-259-1259 Cell818-647-0175 Fax26901 Agoura Rd. #250Calabasas Hills, CA 91301 www.athascapital.comwww.marcnoddle.com

Mar 23rd 2016
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Jonathan Jerotz (jj@s1lending.com)
#1290 ranked lender in California - 2 contributions

There is financing for you available down to a 500 middle Fico score but you will just need to make sure the parameters of the financing are what you are looking for and you can meet the guidelines for approval. For example a 30% down payment will be need at a minimum and depending on why your score is that low we need to make sure you are at least 24 months from a short sale or a foreclosure if there is one on your record as well as 12 months from a bankruptcy. In addition to the 30% down payment, additional reserves will be required at closing to get loan approval. Please let me know if you have any additional questions.

Mar 24th 2016
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Larry Gray (lgray_312_247)
#593 ranked lender in California - 1,139 contributions

It is possible with 10% down payment. However, what will strengthen your chances would be if you have managed to not have any 30 day or more late payments in the past 12 months. There are a few mortgage brokers/bankers that deal in scores that low. You need a minimum of 580 mid fico score to only have to come up with a 3.5% down payment. I would gladly refer you to someone who goes that low in credit score...just contact me via my profile. I only do loans down to 580.

Mar 24th 2016
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Jamie Lynne (nationwidelenderforyou)
#139 ranked lender in Texas - 576 contributions

William is right, the lower the score the the stricter the guidelines. We go down to a 500 credit score, but if you are approved you will have to jump through many hoops and put 10-20% down. The other alternative is to review your credit and determine how to "up" your score. Please understand, this program cannot remove any bankruptcies. late payments, foreclosures etc, but it can give us an accurate picture on what to do in order to get you approved for a loan. Feel free to contact me at 800 315 8803 to discuss your loan scenario, further. My name is Jamie and I have been lending since 1989.

Mar 28th 2016
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