Keyosha W asked:
I’m in the market for a house, but my score is kinda low, does anyone know of a mortgage company that can work with a 585 score? I know interest will be high but I’m ready to be a home owner. DTI is good.
I’m in the market for a house, but my score is kinda low, does anyone know of a mortgage company that can work with a 585 score? I know interest will be high but I’m ready to be a home owner. DTI is good.
Yes, a 585 is low, and you would probably work better with an FHA mortgage than subprime…that way you could get a much better rate and refinance to an A-paper loan when your credit score went back up.
Do everything you can to stay out of subprime.
If you have 2 years of employment, and a good payment history for the last 24 months and no new collections or charge offs for the last 12 months; and be able to pay off any older open collections or judgements at closing, then your chances of qualifying are very good.
I would do everything in my power to pull the score up before applying for your loan. Have you pulled your credit reports and checked everything? I pulled mine and contested every single negative thing on there. (Most of them, I didn’t even know what they were.) The creditors have a certain amount of time to prove the validity of the debt…I think it’s like 30 days. If they don’t reply, which most of them don’t take the time to do, then the credit reporting agency must take the negative item off. This brought my score way up. It will take a little time to do, but it is well worth your time to save a HUGE amount of money in interest!
contact Jayme at Evolve Mortgage in Memphis, TN. Here in Memphis we work with MANY sub-prime consumers. We work to pull the credit scores up and write the loan. You can e-mail me for contact info.
I was going to say the same thing that Mary B said. FHA baby is the way to go if you are serious about buying a home for the first time. Mary B summed it up correctly!
Generally 585 is poor and the rate will be high. You can get free quotes on home loans and mortgages apply and see if you get some for your need. I think you will get one.
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