Possible but your rate will be higher and down pymt required will be higher as well...most lenders want a 640 min score.
It's possible, however your limited to very few lenders and their guidelines for borrowers with such a low score are so strict, very few qualify.. You're better off trying to improve your score 60 points, and you will have hundreds of lenders available to you.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet 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.. He can also look at your complete profile and refer you to those who can help you improve your score the quickest.. 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
A "100% financing loan" is possible... with conditions. (An 800 credit score borrower may not be able to get a mortgage if other conditions won't allow it)
It is possible, but you would have to have a very good downpayment.
You should look at why your score is a 580. Typically if you have high balances on credit cards paying them down will increase credit scores. If you dont have credit cards get some.
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