my credit score is around 583, will i be able to apply for a home loan?
(0) | asked by: Ileana Diaz | share | 73 months ago | Report
Everyone is entitled to apply for a home loan. However , you must have good credit in order to be approved. The higher your credit score the better opportunity to get approved. I will recommend you contact a mortgage counselor for orientation and guidance in the home financing process. The counselor reviews the credit report with you and give you some ideas as to how to improve your current 583 credit score to a more acceptable standard to ensure your application is approved.
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Ileana, you may have already done this but talking to a qualified mortgage representative is your best option. Actually you would like to talk to a few. Educate yourself on the types of mortgages and the types of mortgage people out there. Not all are the same. A good mortgage person can even assist you with how to increase your credit score without having to pay someone else for this service. Good luck.
answer by Team Best Mortgage Option-Michelle Curtis Loan Originator NMLS 401173 | Visit My Website | Contact Me
We have programs that can get you approved with a score as low as 540, but you would need to put 10% down. If you have at least a 580 score, which you do we do have programs that you can get 96.5% financing. Call us for details on all of our programs.
If You get a loan it will be with a higher interest rate and some points..... Check and see if you can improve you score by eliminating some items or consolidating a few bills, like college loans.There are groups that just do that ! Good luck !
Ileana, no one is going to give you a mortgage with that score. Your score indicates a problem with paying your bills on time. Go to your local nonprofit housing group for credit counseling. The credit counselor will tell you what you are doing wrong and what you should be doing. Listen to them and your score will go up. When you are at 640 , you can think of house hunting. At that time you can contact me for a preapproval.
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