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Is a 562 fico credit score good for mortgage loan?

by suejess930 from Detroit, Michigan. Sep 17th 2015 Reply

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

Nope.. in fact its too low for most all lenders.. typically, lenders want to see a 620 or above with some going down to 600, 580, and a handful going down to 500, but understand that the lower the score, the more strict the guidelines and few that apply actually get approved.. Plus with FHA, if your below 580, you need 10% or more down payment.. The real question is Why? why is your score so low? BK? Foreclosure? Short sale? Unpaid student loans or taxes? Judgement? etc, etc, etc.. you could have a 750 credit score and you still might be denied if you have one of these deficiencies. Also, Lenders do not base their lending decision solely on a credit score.. For this reason, you should 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 NMLS# 226347

Sep 17th 2015
Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

No it is not. You need to consult a Credit Repair Agency to help you improve your scores.

Sep 17th 2015
Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

If you are going to repair your credit to get to the minimum credit for a standard loanI suggest you contact brokers/lenders looking for a mortgage consultant/loan officerwho specializes in working to help people increase their credit worthiness to qualify for a mortgage loan. They can provide key guidance on what moves can help you improve your credit more quickly. If their is a judgement on your credit report proof of satisfying the judgement from the court will be required. If you can qualify with a 580 score, that might be as high as you need to get. However, with a 620 middle fico score you can qualify more easily and for a greater loan amount. Of course there are other things to evaluate on the credit report and an experienced loan officer who works with people who have low credit can help you greatly.

Sep 21st 2015
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