Looking to get a mortgage

[Anonymous]

Is it possible to obtain a mortgage with a credit score of 560?

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Message Edited by llecs on 12-09-2008 10:28 PM

[llecs]

looking2008, I split your post and moved it here. I also changed the title of your post. If you'd like to change it, click "Options" then "Edit Message".

Bump for responses.

[WannaHouse]

I'm not an expert, but from all I have read here, it would be pretty tough to. 580 is pretty much the minimum.

[ShanetheMortgageMan]

There are some lenders still doing mortgages below 580 but generally you need to get an automated approval, meaning have to have some tremendous compensating factors - significant down payment, saved up reserves, low debt to income ratio - more or less the 560 credit score, and the credit history that is bringing it down, must be the only short fall of your situation, and the rest of it needs to be looking very good.  If that's not you (which it's not usually most people) then I'd suggest working on your credit scores with a goal of at least a 620 in mind.  This will allow you to have more mortgage lenders as options and allow you to qualify for lower interest rates.