Can you get a mortgage with a mid score of 580?

[phumanr]

Hello...may I ask which bank you went through with a 580?

[Anonymous]

How did u  manage it & who did u use? Mind if I ask what state u r in?

[Hammer23]

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@Anonymous wrote:

How did u  manage it & who did u use? Mind if I ask what state u r in?

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Wells Fargo and Quicken Loans will both go down to a 580 and both are avaliable nationally (Wells will actually go down to a 500 with a few more restrictions) 

[Anonymous]

A 500?? WHAT?? What kind of interest rate comes with that, though??

[Hammer23]

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@Anonymous wrote:

A 500?? WHAT?? What kind of interest rate comes with that, though??

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It is an FHA program. Rates are in the high 3's low 4's 

[Hammer23]

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@Hammer23 wrote:

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@Anonymous wrote:

A 500?? WHAT?? What kind of interest rate comes with that, though??

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It is an FHA program. Rates are in the high 3's low 4's 

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Wells has some additional requirements for applicants below a 580

- Requies a 10% minimum down payment as opposed to the normal 3.5% 

- Has additional reserve  and documentation requirements. 

[mwmiller82]

So what if you decided to go with wells Fargo with a score over a 580 but less than a 640, does the down payment requirement decrease? I'm asking this for  my sister since I am in a whole different situation.

[Hammer23]

Over a 580 I believe it is 3.5%-5% minimum down,

[deadbishop]

question ..what about mid score of 660 but with a bankruptcy? i know you need to wait 2 years post discharge but what scores are needed?

[Hammer23]

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@deadbishop wrote:
question ..what about mid score of 660 but with a bankruptcy? i know you need to wait 2 years post discharge but what scores are needed?

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To go FHA you need 2 years from your discharge date... if you included a home in the BK then you need to wait 3 years from the day your name transfers off the title.

To go Conventional the time frame is 4 years post BK and 7 years post foreclosure.

USDA I do not believe has a seasoning requirement as long as you have a middle score of 640 or higher. 

I know the lender I went through for USDA wanted a minimum of 1 year post bk and foreclosure plus a 640 middle score and an "Accept/Elligible" finding from USDA's GUS underwriting system.