Can I qualify for USDSA/FHA financing with fico scores of 623, 580, and 596?

There's more to an approval than just a credit score.. Job time, income, type of income, overall debt, all play into underwriting so it's impossible to say if you can get approved just based on your score.. And your low score doesn't make sense based on what you shared.. Your scores are very low.. And a BK from 7 years ago won't have much impact on your score today.. Also, inquiries in the last 90 days have the biggest impact on credit scores, not ones over the last 24 months.. and the inquires from the dealership, if they were all run within the same 30 day time frame have the impact of only one inquiry.. so something isn't adding up.. There must be other factors you have not shared that's on your credit driving it down.. Even more of a reason you should be dealing with a mortgage broker. By allowing the broker to look at your complete profile, he should be able to tell you if he can get you approved or not.. And if he can't, he should be able to show you how to get approved in the future and what steps would be necessary.. 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.. 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

Possibly. The answer lies in what is in your credit report. You would want to have credit report reviewed by a Mortgage Professional to determine if there are components in your report that will either exclude your from qualifying, or can be easily cleaned up so you can qualify. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

First , if you got your credit report from a free site, a lot are credit repair companies and they will score you lower.. Yes, you can get FHA, BUT the rates are higher, and a little more down payment USDA requires a 620 , and what is your income ? it is also income qualifying you can email me at yourloanpartnerforlife@live.com linda

You may be able to get an FHA loan at under 600, but the rate and terms would not be as favorable. The best thing to do, in my humble opinion, is to have an experienced lender look at your credit report to see what it would take to get your scores above 620 or even 640. I'm in Merrillville and would be happy to look at your credit report to see what you need to do. Even if it takes a short amount of time to get your scores up, it will be worth it in the long run.

Contact a local lender for your options. There are lenders who will go below 600 middle score for FHA. Good Luck!

It's possible to get FHA, but probably not USDA. I agree with others that you probably should work on your credit and get the scores up before trying to buy. The new car loan (ANY new loan or account) probably lowered your score as well. There are some suggestions in my blog: "First Steps" on this site that might be helpful. Once the new car has been open for a 6 months (6 payments) your score may start to improve, plus you may have a tax refund to work with as well. Good luck.

Unfortunately we need a mid-score of 640 for a USDA loan. However if the scores you are quoting are from a site like www.freecreditreport.com then they will be different from a bank/mortgage company scores due to different score weighting. Sounds like the auto dealers will have reduced your scores but you need to talk to someone who can let you know what it will take to get your scores up because it's not an exact science and sometimes doing what you think is the right thing to do can actually hurt your scores. If you would like to call me at 317-585-6976 I may be able to pint you in the right directionThanks

Yes USDA is not credit score driven please give me a call so we can discuss. Thank you,Mark Anderson GVC Mortgage Inc.(dba)North Shore MortgageNmls 23348250 N 600 West. Suite AMcCordsville Indiana 46055nmls 136956cell 317-496-4808office 317-335-5025office 317-844-7211email: manderson@northshoremort.com

I agree with my friendly local competitor Scott. You need expert/laser specific advice based upon your unique financial situation. The problem seems to be that you've bounced around seeking good advice and have not received it yet. Talk to Scott, or call or visit me in Dyer. Your situation is not likely to be resolved online or by email alone. Either way, good luck. Larry Penilla

I agree with Velocity. There alot more to it than just your score.