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Question by randini692000: where can i find a mortgage with a 580 fico?
the biggest problem i run into is the home is only appraised at $ 25000, (low property values in this part of the country) and i don’t have alot for a down payment.
this will be my primary resisdence. and i did own a home within the past 3 years.

anyone know a way to go with this?
if the people who want to say there is no option would please just not answer. that would be greatly appreciated. i personally know there are options, but want some input to find the best one. thank you.
i’ll repeat i know there are options available, that is reality, i have talked to some lenders about it. once again i ask that if you cannot give a helpful answer please give none at all.

Best answer:

Answer by DallasLoanGuy
I would talk to Bank of America. They have some programs that others do not for low to moderate income borrowers and low/mod areas.

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  1. In today’s market, and especially without a good down payment, you probably can’t. You’ll probably get answers from scammers claiming they’ll get you a mortgage, you just have to pay them an up front fee.

  2. If you live in a rural area, the USDA has direct loan programs for low to moderate income persons with SOME credit problems. They will pull your report and approve on a case by case basis.

    Be prepared to write an explanation of why your credit score is so low, i.e. past loss of job, medical bills, divorce, etc.

    If you live in urban area, find a mortgage broker (your real estate agent can help you, they usually have resources that help sub prime borrowers) who specializes in high risk loans. Some have a minimum purchase amount they will finance, other’s will have no problem with the small.

    Try the FHA, also. If they can’t help you they may have the resources to find someone who can.

  3. I don’t imagine that any legitimate lender would give a loan to anyone with a FICO score that low. You need to raise your credit rating (by paying off your loans, making timely payments, etc.) and save up 20% down payment to buy property.

  4. Contact a mortgage broker who has access to lots of different lenders and programs, and who can run your file thought both Fannie Mae’s Desktop Originator and Freddie Mac’s Loan Prospector and examine if an FHA program might work for you.

    No one should charge you an application fee or lock-in fee, and a reputable broker (fair disclosure, I am one) can do a single credit pull and identify your options for you – rather than you running the gauntlet with a dozen different lenders, each one of which would do their own credit pull. Bank of America is a fine organization, but there is not a thing that they offer that at least one other lender does not.

  5. The subprime market has essentially been shut down, the Alt-A is almost there and the prime market had tightened their standards requiring more of a down payment. Read the news, employ some common sense you are basically SOL on this buddy.

  6. After the recent mortgage market crash, with a 580 FICO your options are extremely limited. I saw your edit asking the people that are going to say there aren’t options not to answer, I’m sorry but you need a reality check.

    To go 100% cLTV (100% Financing) most lenders are requiring a FICO of 700 or above for Stated or 680 for Full Doc and even then it’s rare. I represent over 500 lenders and of those I know of 2 off the top of my head that even have 100% programs. The others stop at 90%. Your best option is to come up with at least 30% down payment, that will increase your options greatly.

    One option is to rent some tradelines that will boost your FICO, this process takes 30-60 days and can be expensive but it’s the only real option you have. With that low of a FICO you would have to go Hard Money (Equity Lending) and most hard money banks won’t touch a property unless it is 70% cLTV or below.

  7. What a bunch of dumbshits answering your question. You can get your loan from John Johnson at Bank of America 407-973-0023. It’s called the acorn program. No minimum credit score. Under 57k household income. No late payments of any kind in the last twelve months. TADAA!!!

  8. I found interesting information about your answer & the best options here.
    Good luck!

  9. What you are looking for is an answer that doesn’t exist. But since you only want to hear what sounds good and you don’t want to face reality…..

    Try “Dream Mortgage”. They offer no down payment, credit scores as low as 480, no fees, and they even give you a new car if you are the 100th applicant that week!

    Most lenders don’t even go as low as $ 50k let alone $ 25k. And with a 580 and no down payment…. wake up buddy!

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