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Mortgage- 580

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Mortgage- 580

So I took a leap and applied for a mortgage and my Lender Scores came back at: 586 Equifax 583 Transunion and 545 Experian. My Fico 8 scores are much higher. I need advice- Are there any mortgage brokers in GA that can do a 580 minium score with 3.5 percent down? Or should I wait a 6 months? I found a house that's perfect. Thanks!

Message 1 of 15
14 REPLIES 14
Established Contributor

Re: Mortgage- 580


@JSapphire wrote:

So I took a leap and applied for a mortgage and my Lender Scores came back at: 586 Equifax 583 Transunion and 545 Experian. My Fico 8 scores are much higher. I need advice- Are there any mortgage brokers in GA that can do a 580 minium score with 3.5 percent down? Or should I wait a 6 months? I found a house that's perfect. Thanks!


...search this forum using "580" for several national mortgage lenders that will do 580 loans

...so its possible ...the question is, is it worth doing in your circumstances?

...580 loan criteria are much more stringent and you will be paying higher rates for the next 30 years

...NO home is "perfect" ...don't be caught in the trap of falling in love with one home and paying through the nose for it

...should you wait 6 months? ...it depends

...the FED is going to raise rates sooner than later ...when they do, mortgage rates will jump ...probably significantly in anticipation of further raises

...can you really get your scores from 580 to 640 in 6 months? ...maybe, it depends on your particular credit situation ...but 12 months is more realistic for most

...the real answer is, I don't know ...you've not provided enough information to make a valid assessment possible

...read the pinned thread in this forum re info needed to answer mortgage questions ...provide that info here ...you'll get far better help ...hth


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Last HP: 11/04/15 | myFico 3B Jun 10 '15:FICO8 EQ - 752 | TU - 763 | EX - 750
Message 2 of 15
Valued Member

Re: Mortgage- 580

Academy Mortgage has a 580 program
Message 3 of 15
New Member

Re: Mortgage- 580

Thank you very much.

Message 4 of 15
Established Contributor

Re: Mortgage- 580

but......what "mortgage score" will one need?

Message 5 of 15
New Member

Re: Mortgage- 580

580 for standard FHA & VA
Message 6 of 15
Established Contributor

Re: Mortgage- 580

Make sure you know what you're doing. Make sure you have set a budget that is realistic and manageable. The budget should factor everything you will need to pay for going forward from mortgage, utilities, food, clothing, misc like cable, cell phone, H20, transportation, any expense for children. school fees, student loans, outstanding debts etc.

 

Make sure that if you buy the home, that you can pay for it and not be in a dream home that seems after the fact to be a nightmare and house of horrors because all you have is the home and no other life.

 

i wish you the best, I just want you to be able to enjoy it and have a life in the process. i'm sure it is doable, but the better questionable is it advisable or the right move now versus a few months later.

FICO 8 Scores: TU: 826, EX: 811, EQ: 786
FICO 8 Score Goal: 800+ across the board by 12/31/15
My UTIL: less than 1%
2016 Goal: 850 or close on at least two CRA!!!
Message 7 of 15
Established Contributor

Re: Mortgage- 580

Im not speaking of (Fico Score 8)...Im referring to "Fico Mortgage Score"

Message 8 of 15
New Member

Re: Mortgage- 580

We pull a mortgage credit report, note that what you see on Credit Karma and or most other consumer websites will generate much different scores than a mortgage report. It's just an entirely different scoring model.
Message 9 of 15
Established Contributor

Re: Mortgage- 580

thats true, but myfico gives you mortgage scores as well as fico8 and many others! Just wondering what "mortgage" score you look for

Message 10 of 15
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