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dforgey86

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my score is about 580....what will be needed for approval?
My husband and I will be applying for a first time home buyers loan. I have no idea who to talk to, aside from a realator, or what to expect.

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Focus on your credit score...

Helpful to 35 out of 40 people

Generally speaking, mortgage lenders will require a minimum FICO score of 620 to be considered for a loan.  Keep in mind that that you will have 3 different FICO scores, one from each of the major reporting bureaus (TransUnion, Experian, and Equifax).  The lender likely uses only one of them to pull your score. 

Credit Karma does not provide you with a FICO score, they provide you with a TransUnion calculated score (along with Vantage and insurance scores).  The score provided by Credit Karma is a good barometer of how healthy your credit is, but that score will not match the FICO scoring.  As a rule of thumb, I have found that the Credit Karma scoring is a little bit more optimistic compared to FICO scores.

I would start by paying for an actual FICO score so you know where you stand.  Then you can start shopping around for a Mortgage Broker that will talk to you about your specific situation and let you know what possibilities are out there.    Be very wary of any company who wants money up front to review your credit and give you an assessment of whether or not you can qualify for a loan.  Run away from anyone that want thousands in advance and promise that they can finance anyone.  Be prepared that with a score under 620, if you qualify, you'll be facing much higer rates than the ones you see advertised on TV and in the paper.

Your best bet is to wait for a while and work on improving your credit score and saving more for the down payment.  Once you can pull a 620 FICO score, you will have a lot of lenders to choose from with more favorable rates.

Good luck!

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Reply by
Ladel90

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Enter Your Reply    I’d like to share my story too. Just a few weeks ago i was homeless, i was jilted by my online lover. and he had robbed me of everything i had. By the time i realized i was being played, my credit score was already 458 , i had an eviction on my report and a large debt on my credit. I was on my way to the little corner behind the store where i normally sleep when i saw a fellow homeless person who i met some days ago and he was looking so changed and successful. I immediately began to beg him to tell me how he made it so fast and because i had told him my story when we previously met, he understood my problem and gave me the contact of the hacker that helped him. i contacted the programmer (ex FICO and Experian agent) and he fixed my credit, raised my credit score and cleared all negative listings on my credit in less than 9 days. I would have kept quiet about this, but i won't be able to forgive myself for not helping people who are in terrible conditions like i was. "treatyourself016@ g m a i l . c o m" is the programmer's email address. I wish you good-luck. Y’all can thank me later.

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Helpful to 3 out of 3 people

Does anyone know the best approval personal loan company. Got a 570 580 score. Need help. I can look over high interest rates.

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stryker490

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Lendup

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Can anyone tell me the best banking for a low score a 570

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Same boat!

Helpful to 9 out of 12 people

My husbands middle score is 680, but he does not have the income to put the loan in his name only. My middle score is 580 and we are being hit with a 5.25% interest rate, 1.5% closing cost penalty and 1.5% down payment penalty for 3 year old medical bills. We can still do it, but only because we are looking at a $55,000 purchase price. I am going to use part of our savings to paydown my credit cards in the next few days to less than 30% usage, which should put me back over 600 wheen the billing cycle ends on the 11th, and then call the lender back. if I still dont like what I hear then we will go shopping for a new mortgage company.

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Bad credit repair

Helpful to 0 out of 5 people

Hello Everyone, for the past 8 months, I have been battling with my credit score because it was very low, until I met this programmer and senior tech analyst (yatesnovakovic @ g m a i l . c o m) through a friend of mine. He helped increase my credit score from 435 to 780. I was really surprised that he helped me do it within 9days, even though I doubted him at first because he told me to pay an upfront service charge, before any action can take place. After I paid a little upfront fee. he got my credit report fixed within 4-5  days, my credit score increased. He also cleans up chexsystem report and the DUI report. You have 110% guarantee of a clean and safe job from him therefore, I advise you contact him (yatesnovakovic @ g m a i l . c o m) for a similar service. He is completely good and trust worthy. 

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