571 credit score conventional loan at 50%ltv

Although there are lenders out there that will fiance borrowers with scores that low, the reality is that very few that apply actually get approved. Understand that it take so much more than a credit score to get approved.. For this reason, the lender needs to look at your complete profile to determine your eligibility. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they should be able to advise you properly. 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

Agree with William, your best option will be to use some of your cash to improve your credit before applying.

I am able to finance down to 500 credit scores in most cases. You would be a strong candidate for one of these programs, given the amount of money that you are putting down. Please contact me if you would like more information.

You would not be able to get a true conventional loan at a 571 credit score. However you would be able to look at an FHA loan. Of course the approval is more than your credit score and they will look at the overall credit and income picture. Talk with a local loan officer and see what your options are.