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Is 580 score approved by most lenders?

by jvt15937 from Addison, Illinois. Jan 27th 2018 Reply


Bob Betel (bob@allstarhomemortgage.com)
#136 ranked lender in Illinois - 3 contributions

Most lenders are looking for a 620 score for a conventional loan. With a 580 score you can get a FHA loan though.

Jan 27th 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,785 contributions

No... Essentially if your middle score is under 640, EXPECT to have a difficult time getting a mortgage loan approved. The further below, the more difficult. The further below, the fewer loan options. Can you get a loan with a 580 credit score? Maybe, but the best advice is to spend a little time improving the score, rather than looking to find someone willing to lend at that poor score.

Jan 28th 2018
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Larry Penilla (Larry Penilla)
#5 ranked lender in Indiana - 24 contributions

No. A 580 is like getting a D- on your report card. You may pass, but it's gonna be rough. Mortgage approval is based upon determining whether or not you will be willing and able to pay back the debt. Credit scores are one of the measures used. To me, you would be much better off learning how to improve your FICOs to get better terms and results.

Jan 28th 2018
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Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 533 contributions

A 580 or above mid FICO score is workable with most FHA programs. Score is just piece of the puzzle to get the loan to approved and closed. I am able to help people throughout IL, KS, and MO with their mortgage needs. www.saradeere.leader1.com.

Jan 29th 2018
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