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What is the likelyhood of getting a home loan with 590 credit score?

by jeromebatts543 from Cleveland, Ohio. Sep 9th 2014 Reply


Ralph Richard Guertin (ralph@absolutelowrates.com)
#137 ranked lender in Florida - 644 contributions

Hi, well the likelihood is good if you are going FHA, as there are lenders that now go down to 500 scores. But the are other credit and income factors involved. We don't lend in Ohio, but hopefully someone on our panel can help you in that state and get the information they need to give you the best advice. Good Luck

Sep 9th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

The lower the score the more difficult it is to get financing.. Although there are lenders that allow for scores down to 500, few that apply actually get approved.. Understand that it takes so much more than a credit score to obtain financing.. the real question is "WHY?".. Why is your score so low? Certain major derogatory items will result in a denial even if your score was 750, so without knowing all the details, it's impossible for anyone here to say for sure.. For this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once he sees the complete picture, he can properly advise you.. if you cannot qualify now, he can show you what steps are necessary to get financing in the future. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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

Sep 9th 2014
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Kim Lawson (kilawson)
#55 ranked lender in Ohio - 149 contributions

It's more than just a credit score. Depends on open derogatory credit, recent past, employment/income and assets. We lend down to 530 credit so, if all of the other parameters fit the guidelines then you shouldn't have any troubles. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Sep 9th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Really depends on the reason for the score (as stated already) and other factors. Any score below 600-640 makes it more difficult but not impossible if there are good reasons to make the loan to you. Good luck!

Sep 9th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

FHA will allow this and still keep your down payment at 3.50%. However, they also look at your total credit picture and not just the credit score. It would be a good idea to speak with a local loan officer and have them review your application and credit to see if you qualify as is or if there are some things you can do that will improve your score. Best wishes, Sean

Sep 9th 2014
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Michael Bardy (LendingPro)
#25 ranked lender in Ohio - 67 contributions

Hi Jerome, I lend (and live) in Cleveland, OH and have home purchase programs for Ohio residents with credit scores down to 520. We also work with the Cuyahoga County & state of OH down payment assistance programs. Please contact me at 216-245-5363 and we can complete the pre-approval application over the phone.

Sep 9th 2014
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