Can you get a mortgage with a mid score of 580?
No you gonna need a 620. You might find a lo/broker that will tell you they can get you approved but most likely you will fall in the same boat as others who were told they could get approved. DENIED when the application went to the underwriter
Yes you can. Wells Fargo will do FHA below a 620, Quicken Loans goes down to a 580.
There are options.. I would call Wells and Quicken for a pre approval.
I was approved with a mid-score of 593. It can happen but you need to have a clean 12 months, good dti, and explanations for your low credit score.
http://www.structuredfinancenews.com/news/-216381-1.html - Wells Fargo info
http://www.quickenloans.com/blog/quicken-loans-lowers-minimum-credit-score-requirement-fha-loans - Quicken loans release
I was wondering this too. The lender I have been working with told me there is no way to get a FHA loan under a 640. It looks like it depends on the bank. Good info!
You can as low as 620! The builder im going to be working with will actually enter the purchase agreement and begin construction while you continue to improve your credit being that it takes about 4 months for completion of home! She says the builder will start at 580!