can I get approved for a home loan if my credit score is 590?

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  • 10 years ago
    Favorite Answer

    Hi ?,

    The short answer is yes. You can actually get a FHA or VA loan with a credit score of 580 now, as a few who are offering this (Quicken Loans being one of em). However, this excludes FHA Streamline and you probably won't be able to get 100% refinancing of your home's worth if you're at 580. Try raising your score up to 620 and more options will open up for you.

    If you're interested in refinancing or buying a home I suggest you speak with a trusted mortgage professional and then both of you can decide what's best.

    Let me know if you have any other home loan questions. I've included some links that have more in-depth info on home loans that may be useful. Good luck!

  • Anonymous
    10 years ago

    You can get approved for a home loan with any credit score if you can show the loan officer your ability to pay. Yes, most will take your FICO score as the only qualifier but not all.

    And for those banks who do are leaving a lot of business on the table. Places like Churchill Mortgage (google them) and many local banks will sit with you and take your whole situation into account.

    Grab an online calculator somewhere and figure out what you can realistically pay and then go start talking.

    However, if you are in debt (credit cards, student loans, etc), a home loan is the last thing you should be looking at obtaining. Especially after this last housing and employment crunch, it is naive to think that buying a home with less than 20% down is OK.

    David

  • Anonymous
    10 years ago

    No. You will need to pull it up to at least 620.

  • 10 years ago

    it will be very hard to get done as very very few lenders will take less than 620

    I am a mortgage banker in TN

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  • Rick B
    Lv 7
    10 years ago

    I doubt it. Maybe if you have a HUGE downpayment and almost no current debt.

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