Is it possible to obtain mortgage with 590 credit score?
- 1 decade agoFavorite Answer
Absolutely. There are several options at your disposal, including FHA, MyCommunityMortgage, HouseAmerica, etc. All of these programs provide 97% or 100% financing with fixed rates in the mid-6% to low 7% range.
With these programs, the actual credit history is reviewed, not the score - as long as your credit is pretty decent over the last 12-24 months, you've got a good shot of getting approved. You might have to explain a few items, but it's usually worth the trouble.Source(s): Mortgage banker http://www.benchmarkofbr.com
- PengyLv 71 decade ago
With the sub prime market in shatters, and the foreclosure rates starting to hit even those with semi decent credit, and many mortgage companies going bankrupt, probably not much of a chance, and if there was would be adjustable at a high interest rate, only to go higher. Cost would become overbearing and you would end up in worse shape, as has happened to many recently.
- 1 decade ago
it may be possible but you will be paying out the waz-zoo for interest.
Call Jim Crowley at Home Finance of America tell him Craig sent you. All you can do is try and get turned down. Credit score is only one of the things they look at to make the determination.
- GEE-GEELv 51 decade ago
Yes it is. You just wont get as good of a rate if you had a higher FICO. But it is very possible depending on if you are going full doc, stated income, the amount of down payment etc.
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- 1 decade ago
yes it's possible, the FHA will do loans for a score over 500. You may have to explain some of the derogatory credit, but they will do it.Source(s): Mortgage questions? Email me at firstname.lastname@example.org