best loan scenario for bad credit?

Even though you have a low FICO score you may still qualify for an FHA loan. contact a local mortgage advisor who specializes in FHA loans and have them review your credit.

It would be hard to determine what options you have without seeing your credit history first. We do have a program that will allow 580 as a minimum credit score, but certain criteria has to be met.

Lets see if we can get to work on your scores. I would be happy to discuss ways to improve your credit rating.580 is the bottom for a few select lenders, would like to see a plan in place for getting back on track, and fixing the original cause for the low scores.Call me at (920) 391-4234 Sean Wright Landmark Mortgage!

An FHA loan is your best bet.

You should also check with local community banks. They often have portfolio products and may entertain lending to you with a sizable down payment and if you have reserves. Keep in mind they will require a detailed explanation of all derogatory information on your credit report, and will want to see a period of re-established credit after the rough patch. Just a thought!

Yes, we can help you obtain financing figures. Are you a first time homebuyer by chance? Also, we will look at simple credit repair to quickly improve your score if need be. We have a variety of programs that could work. We are a WI lender and would be more than happy to work with you! Toll Free: 866-680-2840, Ext. 15Thanks!

hello, I can work with a 580 score if you have at least 5% to put down. I also have access to software which enable me to run unlimited scenarios for things we could do as well as how it would affect your score. In addition, I can use this software to project out in time so we can see what the effect will be in one month, or two, or more. Often I can get peoples score up significantly while we process their applications which results in a better rate at the settlement. Either way, depending on the other specifics of your application, I can likely help you. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Without looking at your complete scenario, it's impossible for anyone here to know for sure.. there are lenders who go down to 580, some even lower, but the lower the score, the more strict the guidelines and few that apply actually get approved.. the real question is "WHY?".. why is your score so low.. BK's, Foreclosure, Short Sale, Tax liens, Unpaid Student Loans, Judgments.. even If your score was 750 and you had one of these deficiencies, you still might get denied.. it takes so much more than a score to get approved. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

When you have bad credit the cost of money goes up because you are a higher risk. When you pay more for the money you borrow, it becomes harder to meet your credit obligations. This increases your risk of derogatory credit. Not as a lender, but someone who cares about others, I would strongly recommend you sit down with someone you trust who has good credit and have them advise you on how to change yours before you make the BIGGEST Credit purchase most of us ever make.

At Carrington Mortgage we offer home loans for individuals down to 550 credit scores and we have absolute no closing cost on all our FHA and VA home loans.

With a 580 credit score you still fit within FHA guidelines for a 3.5% down payment. However, your overall credit still needs to be reviewed for qualification, not just the score. The income will depend on how much the property is, taxes, insurance, HOA etc. Get in touch with a local lender who offers FHA loans down to 580 and have them show you what your options are. Best wishes, Sean

I work with an investor who goes as low as 560, but just as Chereen said...certain criteria has to be met. It can be done, but your income and credit needs to be verified. It's helpful that you can make a 20% down payment too.

Have you taken a close look at your credit, and what is keeping your score so low? If you are interested in improving your score(s), give me a call. Good Luck

You will want to find a lender that will work with you. An FHA loan may work for you but not ever lender will accept the credit score you have.

That is not a bad situation I am not sure where you are located or still looking but we go down to 550 credit score. We lend in NY, NJ and CT.

I would have to say a FHA loan is worth looking at. Why is your credit bad? If you have 20% bit the bullet, save 5% of your money and fix your credit. once you fix the credit history and scores then go buy a home.

We can lend down to a 580 score with 3.5% down and 550 with 10% down. I have dealt a lot with these credit scenarios and can work with you til we see it through. Just contact me with any questions 702.764.3511