What is the lowest credit score needed to get a loan?

We are able to lend to clients with scores as low as 580, but we also look at what is on the report itself. if there are open judgments and/or collections, or you have a recent bankruptcy or foreclosure, that will have to be considered and may make you ineligible for a mortgage. It's best if you speak with a knowledgeable lender about your particular situation so you will know if you qualify currently, and if not, what you need to do to qualify in the near future.I'd be more than happy to help if you have additional questions.

Below 620, it begins to get difficult. 620-639 is fairly easily obtained, and 640+ is much easier.

FHA's Minimum is 500, VA has no minimum and for conventional financing, it's 620.. But understand these are the program minimum's.. every lender can add additional guidelines above what the boiler plate guidelines are.. it's these "Overlay's" that makes lending different one lender to another.. and for most, they want to see 620-640 or above.. But, you need to understand that it takes much more than a credit score to obtain financing.. I've had borrowers with a 750 score, yet had a credit deficiency that disqualified them from obtaining financing.. For this reason, you really need to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and 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 NMLS# 226347

Hi Gisselle9. I've just done loans in Princeton Indiana this week! FHA has programs down to 550 but you would be required to put 10% down but with a 580 score it would be the minimum of 3.5% down and yes there is a no score program with alternative tradelines such as cell phone, insurance, of course you would need rental history for 12 months with cancelled checks. I'm able to help you with your credit if you do have issues on it regarding collections or judgments and help you clear them up so if you aren't ready just quite yet I will work with you to get you ready. Please contact me at your convenience. I'm here to help!

Hi Gisselle9! Yes there are programs down to 550 for FHA but you would be required to put 10% down on a purchase loan. At 580 it would be the minimum 3.5% down. We also have the no score program but you would need alternative trade-lines such as car insurance, cell phone and rental history verified by cancelled checks (12 months). If you are a military Vet there is a 100% financing program also. If you have any issues with your credit I can also help you with your credit regarding collections or judgments. Please contact me at your earliest convenience. I have just this week alone had closings in Princeton Indiana! I am familiar with the area. I will work with you until you are ready to buy. I look forward to hearing from you!!