buying a house with 580 credit score

FHA says you can go down to a 580 credit score. However, we are a bank. We fund the loans, and we work with 25 other banks. Out of those, we have only one that will go below 620 on an FHA loan, and most of them prefer 640," he says. fha minimum credit score. Most lenders will turn away potential borrowers even if they have a 580, he says.

We need HELP! Our credit score is 580. We want a house! We are first time home buyers. We want a FHA loan with down payment assistance. Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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FICO 580 – This minimum credit score will affect the down payment on your FHA loan. If your FICO score is 580 or above, you could qualify for the 3.5% down-payment program. In other words, you could put as little as 3.5% down when using an FHA loan to buy a house. The smaller down payment is the biggest benefit of using this program.

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How to Get a Home Loan with a 580 credit score compensating factors for Bad Credit. If you have bad credit then the best thing you can do. Pay down your credit card balances. Your credit utilization ratio is the amount. Dispute Negative Account Information. You’re able to dispute anything on.

If the company pulls your credit report, it may impact your credit score. You may want to consider using a credit card instead. Many U.S. car insurance companies use credit-based insurance scores to help determine risk, or the likelihood of claims, and an inquiry will be generated when an insurance company checks your credit.

Minimum Credit Score for FHA Loans in 2013 – 500 and 580. – FICO 580 – This minimum credit score will affect the down payment on your FHA loan. If your FICO score is 580 or above, you could qualify for the 3.5% down-payment program. In other words, you could put as little as 3.5% down when using an FHA loan to buy a house.