Score of 590, anyway to get other loans besides fha? I have 10% down payment available

there are lenders out there that say they will lend to borrowers with scores above 500,but they have tough guidelines, and few that apply actually get approved.. . Also note that it takes much more than a credit score to get approved for financing.. income, type of income, job, type of job, credit history, debt, credit deficiencies, judgments, charge offs, collections, etc.. are all considered when determining someone's eligibility.. I have had borrowers with a 750 credit score not get approved because of certain credit items, so the real question for you is why is your score so low?? without seeing your complete profile, it's hard for anyone here to determine if you can obtain financing or not.. best advice I can give you is to contact a local mortgage broker and apply with them.. once they look at your complete profile, they can advise you the necessary steps required to move forward

I would suggest having a mortgage professional review the credit with you to identify opportunities to repair/rebuild the credit to qualify for conventional financing. Conventional financing require a minimum of 620 scores but at that level Mortgage Insurance will be very expensive. Unlike FHA mortgage insurance which is not score driven, Private mortgage is priced out based on risk and affected by both credit score and debt to income ratio among other factors. I am licensed to originate in all 50 states and would be more than happy to spend some time discussing your current credit and strategies to increase the scores. Hypothetically, if you have 10% for downpayment, you could use 5% to address credit issues to increase scores and still have 5% for conventional downpayment.

I can help. Call me today as i can help you get into your home. 913-871-2005

I can do an FHA loan for you with 10% down, three open trade lines of 18 months or more, in perfect rental history for the past 12 months. Unfortunately I can't offer any other type of loan with your credit score. However, sometimes we can help you tweak your credit score so that you can be successful in obtaining a mortgage.

Realistically, if you can get approved for FHA (far from guaranteed depending on the reasons for your 590 score and other qualifications) that is going to be by far your best option. Any other option available is likely to be much less desirable. Good luck!

For conventional financing, if you have less than 20% down, you need to have mortgage insurance.. Each lender has their minimum credit score requirements, but when you have to have MI on a loan, you also have to meet the MI companies minimum guidelines.. 590 wont cut it.. FHA will be your only option.. .. 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. 480-287-5714 WilliamAcres.com