getting a mortgage in 2012

ainglese · ‎03-04-2012

Can anyone tell me of any body that will go down to a 580 credit score? Looking to buy something asap. Have no lates on anything in the past 2 years and paid off all dept three months ago. I need a loan asap. Thanks

boomhower · ‎03-04-2012

Supposedly Wells Fargo does but I can't recall anyone actually closing on one. No one else I am aware of even says they offer it.

ainglese · ‎03-04-2012

that what i hear but if you call them they tell you the lowest they go is 620

Walt_K · ‎03-04-2012

First Guaranty Mortgage or something like that. Search through Getting to 620 thread by MBOhio2.

Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720

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sunnie_321 · ‎03-04-2012

HSBC says they will do a 580.

Brian_Trying_700 · ‎03-04-2012

I would rent for the next year. Interest rates will be better along with your score. Wait it out.

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cracksmeup · ‎03-05-2012

I thought I remembered hearing that Bank of America would do a 580

FrugalRican · ‎03-05-2012

@Brian_Trying_700 wrote:
I would rent for the next year. Interest rates will be better along with your score. Wait it out.

This would be my approach, personally.

If you're at a 580 with no baddies, all it'd take is a few months to get to where you'd like to be for better rates.

You'd rather rush it now and pay more for the next 3 decades?

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EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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namvet · ‎03-05-2012

@ainglese wrote:
Can anyone tell me of any body that will go down to a 580 credit score? Looking to buy something asap. Have no lates on anything in the past 2 years and paid off all dept three months ago. I need a loan asap. Thanks

I've got many years in this business so IMO get yourself a good Mortgage Broker and save yourself a lot of time doing research. They have access to hundreds of lenders and if your loan is there, they will get it for you.

MBOhio2 · ‎03-05-2012

Here are the 6 different lenders that I found that claimed they could approve FHA loans for scroes under 620, along with the additional rules I found they had for sub-620 loans:

Company	Bank of America	Wells Fargo	Embrace Home Loans	First Guarantee Mortgage Corp	American Financial Resources	Quicken Loans
Additional Rules	Max of 35% back-end DTI	Min 5% downpayment	None known yet	None	None known (never contacted them)	All collections over $500 must be PIF

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)