can i buy a house with a 580 credit score and no downpayment in virginia ?

my fiance and i realy want to buy a house is there any way ??

11 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    It is possible!

    http://www.naca.com

  • 4 years ago

    You are right, 580 is a bad credit score. Even with $20-$30K to use as a down payment you probably will not qualify. But to start the process you will have to meet with a lender ( bank,credit union) to get the paperwork started regardless. That will the way to find out if you can proceed in buying a home

  • Anonymous
    1 decade ago

    sorry but into today's world probably not, the only thing i know of would be fha and you will need 2 1/4% down, and no 30 dya lates in the last 12 months, 580 is not a good credit score and unless you have been clean for the last 12 months and have 12 months of rent checks not receipts, you probably won't qualify for a rural home loan. but check it out there are areas in va. that are considered rural and if the 580 is clean you might be able to get a rural home loan through fha for same. work with a local bank stay away from mortgage brokers gl.

    Source(s): 10 years mortgage loan officer
  • 1 decade ago

    FHA might work; there are other programs coming out all the time or else you could take a bit and get your score to 620 with credit repair. A solid loan officer can steer you through this process. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you .

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  • Bob D
    Lv 6
    1 decade ago

    Simple answer NO.

    Get your Credit score above 660 and start saving. Aim for 2-5% and you might be able to get something in a year or so when the current problems mellow out but expect to pay a preminium for your loan. Most lenders want 10% or more down. The credit score needs to come up. No more lates on anything by either of you and start saving

  • 1 decade ago

    It's not going to happen anymore. A minimal credit score to get what you desire is somewhere in the 625 to 650 range. The days of high LTV financing with mediocre credit scores are history, at least for the time being.

  • Tim
    Lv 7
    1 decade ago

    With a 580 no. You'll have a hard eneough time qualifying for some rentals.

    You might be able to buy a house, but you'll need a hefty down payment.

  • Anonymous
    5 years ago

    Almost sure that you must find many financial answer at= financial-care.info-

    RE Can i buy a house with a 580 credit score and no downpayment in virginia ?

    my fiance and i realy want to buy a house is there any way ??

  • 1 decade ago

    You can try, but you aren't going to like the interest rates. Best to work on improving that credit score first.

  • 1 decade ago

    It depends on your current job and how much money you make a month and what your monthly bills currently are. The housing in my area stinks right now and lenders will do anything to sell you a house. try capitalone.com and go to home loans or try lendingtree.com to see what lenders will loan to you.

  • 1 decade ago

    Sure, if you can make the payments on a loan.

    Try FHA and VA.

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