My middle credit score is a 577....can I get a mortgage loan and if so then who with?

Not many options with this low of a score.. Most lenders require a 640.. FHA requires 10% down if your score is below 580.. There are lenders out there that will lend to borrowers with low scores like yours but their guidelines are very strict, and most don't qualify... but you also need to know that it takes more than a good score to get approved.. Income, type of income, job time, credit references, and most importantly, why is your score so low.. Collections, charge offs, judgments, foreclosure, repo??? the lender will look at your complete profile, not just your credit score before making a decision... 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

Probably not. In today's lending world, 577 is really the bottom of the barrel. The real issue for you should be why is it this low and what can I do to improve it. I regularly work with individuals who started out with scores in the basement. I work out a plan and assuming they follow the plan, most of them become loan eligible with scores above 640 in only a couple of months. If you are in California or Arizona, I'd be happy to help you. Otherwise find someone like me in your area. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Yes

With a 577 score, there technically is only one possible loan program. That would be an FHA loan with at least 10% down. With that said, realistically, do not expect to actually be able to get the loan. A 577 score is very low, and few, if any lenders have any appetite for that large of risk. You are much better off to put off any loan for now, work of repairing the credit, and try again when your middle score is 640 or higher.

We can go down to 560. What state are you in?

your best option will be to improve your credit to 600 to 620 or better then get a better rate with less down. Actually getting approved with that score will be a major challenge unless you have a really unusually situation.