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my credit score is 581 the underwriters have my file for fha loan do i have any thing to worry about?
- Anonymous1 decade agoFavorite Answer
FHA lenders have more flexibility than other lenders in regard to your credit score, but 581 is quite low. You have a much better chance with an FHA lender, but I'm not sure you are going to squeak by, even with an FHA loan.
How will you manage your house payments if you have had credit problems before? Has your financial situation changed dramatically, so that you will be able to keep up with your mortgage payments?
If not, then maybe you should wait until you have a better grasp on your finances.Source(s): I have worked in the financial industry for over 30 years.
- ibu guruLv 71 decade ago
Your chances are poor to very, very poor. Lenders want 700 and up, maybe 680 if you have at least 20% down plus all of your closing costs. And your interest rate on any score below 720 is going to be higher than you expect.
- John TLv 61 decade ago
581 isn't the best of credit ratings. Many lenders want a 720.
You'll pay a higher interest rate than you might expect.
- Anonymous1 decade ago
I read on the FHA guidelines you have to have a 620 to meet there qualifications
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- Roger MLv 61 decade ago
extremely unlikely you will get approve
650 is about as low as you can go