small home loan with a credit score of 580?
- 10 years agoFavorite Answer
You can get a loan, but the interest rate will be extremely high. Smaller private owned companies will work harder for you... it depends on different factors. Your job history, whether or not you have collateral, your debt to income ratio... the list goes on, but it's possible.Source(s): I bought my first house when I was 18, without a co-signer or credit... I found someone to work with me. Send a message and I'll try helping more.
- JamesLv 610 years ago
You have down right rotten, pitiful credit. You are probably only going to be able to qualify for a secured credit card at best, not a home loan. Credit is too tight for you to expect to get credit from anyone other than a usurious, rip-off lender - and the ones that gave home loans went under about two years ago. You will need to forgo the idea of getting any mortgage financing until you have increased your credit score by about 200 points at least.
- bdancer222Lv 710 years ago
Ain't gonna happen. You need at least a 620 FICO for an FHA loan; 720+ for a conventional loan.
Clean up your credit. Mortgage lenders will require you settle all derogatory items before approving a mortgage. You also need to establish good credit. If you don't have current, open lines of credit, get a credti card, even if you have to get a secured card. Use the card and pay the balance in full every month. You need at least 24 months of consistent, on time payment history to see improvement in your score.Source(s): BD
- 10 years ago
try speaking to a loan officer at your bank if they cant help you might get some info of who can if you are a first time buyer there is the $8000 credit from the govt and first time buyer programs thru the govt be careful to go thru a reputable co.....Source(s): collection mgr
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- lawlorLv 43 years ago
in all probability it relies upon you will in all probability prefer a coborrower my fiend only have been given a house and her crdit score 550. i think of it relies upon.. yet i understand the minimum is 550 i do believe