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Would lenders be willing to loan to credit score 510?

Daughter looking to buy. Low credit but savings of about 50K. by galosh.monica.sho... from Renton, Washington. Jan 8th 2014 Reply


Nora Smith (nsmith)
#15 ranked lender in Washington - 6 contributions

Possibly... It would depend on why her credit score is a 510. I would be more than willing to look into it further for you though! Please feel free to contact me. 425.282.0552

Jan 8th 2014
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Josh Kostelyk (josh@lendinginseattle.com)
#45 ranked lender in Washington - 9 contributions

It is possible if we can get a DU approval. Send me an email and we can discuss further: Josh@LendinginSeattle.com Thanks!

Jan 8th 2014
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#43 ranked lender in Washington - 45 contributions

Probably not. I know we won't. The best bet is credit repair. The lady I use has been successful in raising credit scores at least 100 points. I have heard of FHA going down to 500 but it's not easy. I know the terms and ease of getting her approved are much greater if her score were higher. I also hope there are no bankruptcies, foreclosures or short sales recently. If so, she may need to wait. Let me know if you have any other questions. Thanks!

Jan 8th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,626 contributions

Any lender stating they can is flat out lying to you.. Her credit score would have to be drastically improved to qualify for any type of conforming loan product.. Having $50K in savings is a strong compensating factor, and projects an image of responsibility but only if this was truly her saving month to month.. the low credit score projects just the opposite.. so knowing why the score is low would be paramount in getting things cleaned up.. realistically, you would need to sit down with a local mortgage loan officer and let him look at your complete scenario... once he has all the info, he can properly advise her to where she should start to get her score up.. .. 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

Jan 8th 2014
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Dave Skow (daveskow)
#1 ranked lender in Washington - 192 contributions

1/8/2014Monica ...thanks for the question....when did you get these scores? where did the scores come from ? ( did you pull these yourselves or did a lender pull them for you ?) ...there are normally 3 scores issued on a lender credit report ...do you happen to have the other 2 scores any idea why the scores are low ?510 is likely outside of the range for a loan to be possible If you would like me to research and assist further ...I am happy to do so .....feel free to call or email at your convenience .Dave Skow - WA MLO #278613Eagle Home Mortgage2200 6th Ave #100Seattle WA 98121w 206 714 9745 fax (877) 412 2557dskow@eaglehomemortgage.comwww.eaglehomemortgage.com/daveskow

Jan 8th 2014
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Thx all for the input. I do not know where she got her credit score from. She did make the 50K savings by herself month to month as she is a high school teacher

Jan 8th 2014
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Dave Skow (daveskow)
#1 ranked lender in Washington - 192 contributions

Monica - thanks good to hear regarding the fact there is 50K she can work with if unsure of the source of the credit report ...it might be worth her having a "tri merge " report pulled by a lender like myself to know for certian what all 3 credit bureaus are reporting as scores fyi - all lenders will use the middle score to determine pricing and product availability Dave Skow - WA MLO #278613Eagle Home Mortgage2200 6th Ave #100Seattle WA 98121w 206 714 9745 fax (877) 412 2557dskow@eaglehomemortgage.comwww.eaglehomemortgage.com/daveskow

Jan 8th 2014
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Dave Skow (daveskow)
#1 ranked lender in Washington - 192 contributions

1/10/2014Monica - would your daughter like some assistance in #1) getting a pre approval started and #2) havin some help to understand her credit report ?If so- feel free to call or email me Dave SKow Eagle Home Mortgage206 714 9745dskow@eaglehomemortgage.com

Jan 10th 2014
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Dave Skow (daveskow)
#1 ranked lender in Washington - 192 contributions

3/4/2014Monica -follow up ...does your daughter still need help with her credit report / scores ? Would she want to begin the pre approval process to determine what she can or cant do ?Thanks and feel free to call or email me for assistance Dave Skow - WA MLO #278613Eagle Home Mortgagew 206 714 9745 dskow@eaglehomemortgage.com

Mar 4th 2014
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Dave Skow (daveskow)
#1 ranked lender in Washington - 192 contributions

3/11/2015Monica -following up ...does your daughter still need help with her credit report / scores ? Thanks Dave Skow - WA MLO #278613Eagle Home Mortgagew 206 714 9745 daveskow@eaglehm.com

Mar 11th 2015
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I have a credit score of 516 I've tried getting a loan I can afford to pay off my old Lian s but everything except one thing is over three yrs can anyone help

Mar 12th 2015
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Serious inquiries plz I have four children and credit score is 516 if u can help plz email me banddleggitt@yahoo. Com

Mar 12th 2015
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