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Would we be able to secure a loan with a median credit score of 580? No mortgage lates for 4 years, no bankruptcy, etc.

My husband (and kids) and I are needing to relocate to Arizona for his job. He has a median credit score of 580, but we have had NO mortgage lates in 4 years. No bankruptcy, etc. We would have approximately $20,000 as a down payment. Would any reputable lender be able to assist in this? He could go through his work for the relocation package, etc. but does not really want to go that route. This is going to be a fast move for us, as everything needs to be done by August. 1st of this year. (2012) Thanks so much in advance! Really need help on this one! by karyn.p from Gilbert, Arizona. Jun 14th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

.. Although I have lenders that will do 580 credit scores, I would probably want to look at your complete profile and come up with a plan to get your score raised quickly.. if we can get it over 640, that opens the flood gate for a multitude of lenders not just a select few... but in any case, you should call me. I'm minutes from Gilbert AZ and have access these lenders who do 580 scores.. 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. 480-287-5714 WilliamAcres.com

Jun 14th 2012
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We are relocating from St. Louis MO to AZ. Forgot to add that in. Would be looking for a 5 bedroom home, in a great neighborhood, good school district, with $230,000 being our maximum. Thanks!

Jun 14th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

Hello, I am in AZ.. i HAVE 25 yrs experience in this ever changing mortgage industry.. I have been a underwriter, so i know how to structure a loan.. please call me at 602-330-1598 and my email is yourloanpartnerforlife@live.com there maybe something on your credit report, that we might be able to re score and raise your fico number.. i have some great realtors for the last 10 yrs, that will not just SELL you a home.. they work to find the best for you..

Jun 14th 2012
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Seth Jacobs (MaineMortgageBanker)
#6 ranked lender in Maine - 116 contributions

Most lenders today need a 640 FICO. That said, you should ask your mortgage expert to look into a rapid re-score. Many times a quick boost in FICO is possible with very little work/money. Good luck!

Jun 14th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

i can do your loan, if i can rescore to a 600, the better pricing would be better for you i was a credit underwriter, in fact, i was underwriting files before the fico number was around.. .

Jun 14th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

There are investors that will do an FHA loan with a 580 mid score, but the bigger question is why is the score so low, and what can you do to improve it to get better pricing? Here at Nova, we have an in-house Credit Services department that specializes in improving one's credit so that they can qualify for the best possible loan program and pricing. We are located right here in Chandler. You can check us out at the website www.LoansA2z.com ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ 888-889-9950

Jun 14th 2012
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Well, we have no late mortgage payments for the past 4 years, and our payment per month is $1725 currently. We have an adjustable rate mortgage, so it keeps going up. The poor credit score is just from past accounts that were not paid on time. (old payday loans when we were having a rough time). Currently, there is nothing out there owed. I am a stay at home mother of 5, and this is just my husband's credit score.

Jun 14th 2012
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My husband makes $75,000/year and has been at the same job (currently is a supervisor) for the past 5 years.

Jun 14th 2012
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