Is anyone getting approved for a mortgage at the 500 fico level?

Although there are lenders out there that say they will go down to 500, the reality is that very few that apply actually get approved.. if you have a BK, Foreclosure, Short Sale, Judgment, Unpaid Student Loans, Unpaid Tax Liens.. even if your score were 750, you still might be denied if you have one of these deficiencies.. The real question is "WHY?" Why is your credit score so low? What's on there that is driving your credit down so low.. In the lenders eye's, you have a proven track record of not paying your bills on time.. and as the old saying goes.. "He's who is faithful with little, is faithful with much".. applies here.. if you cannot manage a $500 credit line with a local department store, how would you convince the lender you would pay a $100K+ mortgage? It's best that you start working on improving your credit.. if your in the low 500's it might take a year or two, but you will get there eventually... 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

It can be done via FHA with a 10% down payment. Typically, there is a reason for the score being in the 500 range that can cause concern in underwriting, which is more likely the reason that an application would be denied. If you know what is on your report - and you haven't had any late payments/collections/judgments for the last 12 months, then you would have a very fair shot at an approval.

Very unlikely based on the factors that will appear on the credit report of a 500 fico score.

Even if a lender says that is possible, the chances of actually getting approved are normally pretty slim and they will end up working with you to improve your credit profile. Suggest you work to improve your credit before trying to move ahead, you'll have a much easier time getting approved and get a much better rate on the loan with a score over 620-640. Check out my Blog on this site; "First Steps" for some suggestions.

Phil is correct. Some people will talk about granting loans to people with scores in the low 500's, but they very rarely come to fruition. A better step is to look at what could be done to get you up to a 560 or 580 where it is much more likely to work out. I have access to software which enable me to run unlimited scenarios for things we could do that then lets me know 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. 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

I have heard of people offering, but not of anyone actually receiving this loan for the reasons specified by others. Typically this credit score comes with other issues (recent BK, judgments, late payments, etc.).