Elmira Nancy
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| Mortgage Loans with 580? |
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Anyone know of anywhere or anyone recently got a mortgage with a 580 credit score. Recenlty the credit buearus made some errors and the score dropped to 580. I know intrest and what not will be higher but after we get the errors fixed we will re-fi anyways.
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Mon Mar 15, 2010 3:00 am |
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iwillguide
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| hi |
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it is not possible with that score .ok you should improve the credit score then apply .
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Sun Mar 28, 2010 8:19 am |
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littleroc02us
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If you have 20% to put down, no debt, same job for at least 2 years and have rented successfully for two years than you can easily get a mortgage from an underwriter. Plenty of banks will do underwriting where they don't look at your credit score. You'll just have to do some research.
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Mon Mar 29, 2010 1:12 pm |
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Anarion125
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| Re: Mortgage Loans with 580? |
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quote:
Originally posted by Elmira Nancy
Anyone know of anywhere or anyone recently got a mortgage with a 580 credit score. Recenlty the credit buearus made some errors and the score dropped to 580. I know intrest and what not will be higher but after we get the errors fixed we will re-fi anyways.
If you have a stable job you could probably get an FHA loan -- I think they only require 3% down and a buddy of mine got approved for his first house loan with a 560 credit score, including a car repo on his credit!!
The more money you have in the bank the better. Even more important is that the money is there for at least 3 months before you apply. The bank will see it as "seasoned money" that way and require less paperwork. If the money was deposited in the last 90 days they kill you with forms to make sure its not borrowed cash from another source.
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Tue Mar 30, 2010 3:15 am |
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Offshore-Wealth.com
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| FHA Mortgages Is Only Option With 580 FICO |
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Currently, the FHA still offers mortgages with FICO of 580, but they take the middle score from all three, and the minium down payment is still 3.5%, but excpected to rise to 5% shortly. They also are considering moving the 580 FICO guidelines up, so you better hurry, the are insolvent and have just been delisted from stock exchange, not a good sign.
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Thu Jun 17, 2010 6:07 pm |
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pwscs
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| Re: FHA Mortgages Is Only Option With 580 FICO |
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quote:
Originally posted by Offshore-Wealth.com
Currently, the FHA still offers mortgages with FICO of 580, but they take the middle score from all three, and the minium down payment is still 3.5%, but excpected to rise to 5% shortly. They also are considering moving the 580 FICO guidelines up, so you better hurry, the are insolvent and have just been delisted from stock exchange, not a good sign.
Success to all,
i contacted them few weeks back but they say that they dont accept people who have score below 600
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Wed Jul 07, 2010 11:17 am |
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Offshore-Wealth.com
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| Re: FHA Mortgages Is Only Option With 580 FICO |
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quote:
Originally posted by pwscs
quote:
Originally posted by Offshore-Wealth.com
Currently, the FHA still offers mortgages with FICO of 580, but they take the middle score from all three, and the minium down payment is still 3.5%, but excpected to rise to 5% shortly. They also are considering moving the 580 FICO guidelines up, so you better hurry, the are insolvent and have just been delisted from stock exchange, not a good sign.
Success to all,
i contacted them few weeks back but they say that they dont accept people who have score below 600
Try other banks, the FHA sets the guidelines, but the banks may set their own, so try a credit union too, they almost always follow FHA guidelines.
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Thu Jul 08, 2010 11:30 pm |
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siestakey
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first u have to improve your creditscore otherwise u have to pay more interest rate...
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Fri Jul 09, 2010 6:02 am |
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pwsolutions
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quote:
Originally posted by siestakey
first u have to improve your creditscore otherwise u have to pay more interest rate...
yes, otherwise secured loan is also an option. but i dont recommend my clients to go for Secured Loans unless they have a permanent job.
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Wed Jul 14, 2010 5:47 am |
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