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Is it possible to get a mortgage in WI with a 580 FICO?

by sah3113 from Baldwin, Wisconsin. Oct 2nd 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Possible but your rate will be higher and down pymt required will be higher as well...most lenders want a 640 min score.

Oct 2nd 2012
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

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

Oct 2nd 2012
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Steven Brand (stevenbrand)
#2 ranked lender in Minnesota - 121 contributions

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)

Oct 2nd 2012
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Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions

It is possible, but you would have to have a very good downpayment.

Oct 2nd 2012
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Troy DeWitt (troy@allcredit.com)
#18 ranked lender in Wisconsin - 4 contributions

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.

Oct 2nd 2012
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