- AceSeptreLv 63 years agoFavorite Answer
Apply for an FHA Loan. The FICO score requirement for a 3.5% down payment advantage FHA Loan is 580, so you are just above the minimum requirements. FHA Loans are very similar to your standard bank loan except for that the home must meet certain requirements (although most homes do). Your best best it to speak with a licensed real estate agent as they can walk you through the process of getting approved for a loan. Technically an FHA Loan is actually a mortgage insurance program in which the lender is insured against the losses of lending to home buyers with low credit scores, or are high risk loans. FHA Loans are found through normal (approved) lenders, you just have to go through the FHA process which is just a simple application. The lender will pre-approve you for a certain amount of money based on your income and will supply you with a letter of pre-approval. Once you find a home, FHA loans also require that the home be appraised by a HUD-Certified appraiser, but again this is a very simple process.
Update: Those who are saying you would be unable to receive a loan are simply wrong. As I said, FHA requires a minimums FICO score of 580 to qualify for low down payment advantage mortgages. Technically, there is no minimum score for FHA loans, however scores under 580 do not qualify for low down payment, and can be cost prohibitive at that point. So, for all intents a purposes, a score of 580 is needed. The entire purpose of FHA insured loans is to provide lending to low credit score borrowers and the levy the risk associated with lending, such as people in similar situations to yourself.
- RobtLv 73 years ago
595 ? U seriously want to keep Renting.
U have money problems, budget issues.
Learn how to handle ur money, budget, bills.
House ownership is NOT cheaper than renting.
IT is more expensive !Source(s): Builder landlord foreclosure buyer
- PoohBearPenguinLv 73 years ago
Probably not. You generally need pretty good credit to even get a bank to consider giving you a mortgage.
- MichaelLv 73 years ago
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- 3 years ago