Is it possible to get a 30 year mortgage with a 590 credit score?

I own a property in Chicago free and clear. I purchased the property 6 months ago, everything is remodeled and up to date. Is there any banks that will lend with that low of a credit score?

By | 2013-08-23T19:19:12+00:00 August 23rd, 2013|Mortgages Home Loans Interest Rate|4 Comments

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4 Comments

  1. Howard L August 23, 2013 at 9:27 PM - Reply

    Yes you can but you’ll probably pay a high interest rate and you won’t be able to borrow the full market price of the house. . Interest rate is how lenders discriminate between good credit risks and bad ones.

  2. Caren August 23, 2013 at 8:41 PM - Reply

    you can’t have outstanding collection items.
    good luck finding a bank that will touch you.

  3. Bills.com August 23, 2013 at 7:56 PM - Reply

    Yes.

    Talk to a mortgage lender about an FHA loan. According to the Dept. of Housing and Urban Development, a FICO credit score of 580 is the minimum acceptable score for FHA loans. See the Source(s) below to learn more about FHA loan requirements.

  4. Ryan M August 23, 2013 at 7:21 PM - Reply

    Nope…thank god!

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