Forgotten Your Password?

Need to Register?

Question Icon

If I have a 518 score am i guaranteed to be able to get a loan for a home at least $50,000 for a 30 year mortgage

by mistysitman816 from Charlotte, North Carolina. Jan 11th 2016 Reply


Hi Mistysitman816. To qualify for any type mortgage, we have a minimum score requirement of 620. There may be other mortgage companies that have different requirements. What is causing your score to be so low? Thanks for asking.

Jan 11th 2016
1
0
Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

It is highly unlikely with that score

Jan 11th 2016
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

No.. even if your score were 780, there's no guarantee... but certainly not with a 518 score.. to have a score that low, you have to have some serious delinquent/derogatory credit.. and you must have a proven track record of not paying most of your obligations on time.. FHA has a minimum 500 credit score requirement, but understand that FHA does not lend money.. they only insure loans against default.. the banks, or those with the $$$ will oftentimes have their own rules above what FHA calls for.. it's these overlays that make lending rules different one lender from another... and for most, they will require a 620 to 640 MID credit score to qualify.. some will go down to 600 and a hand full will go to 580 or lower, but also understand that the lower the score the more strict the guidelines are and few that apply actually get approved.. The real question is "WHY".. why is your score so low.. charge offs? Judgments? Collections? unpaid student loans? BK? Foreclosure? Short sale? you could have a 750 credit score yet with one of these deficiencies, you still might be denied.. 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

Jan 12th 2016
1
0
Subscribe to our news feed.