can you buy a house (with a decent percentage rate) with that score?
2007-12-19 14:41:42 · 17 answers · asked by christina.yost 3 in Business & Finance ➔ Personal Finance
Depends on credit history, a 580 credit score is still financable. FHA, is a very good source for him. Now here is the problem, a 580 score doesn't tell the whole story. I would have to see the whole credit report to be able to tell.
2007-12-21 03:14:45 · answer #1 · answered by The Dragon 2 · 2⤊ 0⤋
580 Credit Score
2016-10-06 07:16:48 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I would not listen to all the people stating you cant buy a house base on the 580 credit score. The truth is yes you can. You need to sit down with a realitor and a mortgage agent and talk about all your different avenues. There is convential and FHA and many things to help in the process. If the credit score presents an issue open an few new cards use them once a month and pay the bill as soon as it comes this will improve the score. The main thing loan officers look at is debt to income ratio.
2007-12-19 14:52:26 · answer #3 · answered by dude 42 1 · 2⤊ 1⤋
That is a very bad credit score. If you work and have a good credit score that will help. You can still buy a house with a reasonable interest rate if you put a large percentage down payment. Depending on where you live renting is now a good choice as home values in many areas are decreasing. Use the time to get educated about credit and help him build his up.
Some suggestions ate do not close any accounts. Pay off credit cards and do not max them out. It is better to have a $5,000 balance on two credit cards with a $10,000 limit than to have a $10,000 balance on a credit card with a $12,000 limit. Also, if he is making minimum payments make sure you pay them early and not late! Any mortgage guy worth his salt can help you.
2007-12-19 20:15:28 · answer #4 · answered by Jackson in MV 1 · 1⤊ 1⤋
RE:
my husband's credit score is 580. is that considered fair, bad, or very bad?
can you buy a house (with a decent percentage rate) with that score?
2015-08-02 02:41:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Thats a bad credit score. They say the average is around 700 I believe. However, a few years ago I didn't really have credit and was approved on a $140,000 with a credit score of probably in the 500's. It can be down but you'll have a higher interest rate and need some one down. I would contact a local agent there and see what they can do for you. In the meantime work on getting your credit fixed.
2007-12-20 03:50:13 · answer #6 · answered by jt6341 3 · 1⤊ 1⤋
not unless you are putting atleast 20% down and have been at the same job for atleast a year and make decent money.
1 580 i would say is about a D. a 560 or less would be an F
a 620 would be a C. 650 would be a B. 690 and above is an A.
2007-12-19 15:21:47 · answer #7 · answered by the d 6 · 0⤊ 1⤋
BAD. No, you can't buy a house with a decent percentage rate. Start by paying all your bills on time. A good credit score now is 760.
2007-12-20 10:32:57 · answer #8 · answered by Steve R 6 · 0⤊ 1⤋
580 is very bad, the lowest a person can have is 500 but do not worry, you are reading the words of man who once filed bankruptcy, ate once a day, occasionaly slept on a park bench, and had to get food stamps. I am now typing this on my home computer from my home that I bought with my wife last year. Oh, my score is now 740 and rising. The highest is 850
2007-12-19 14:58:00 · answer #9 · answered by zurc137 2 · 4⤊ 2⤋
That is not that great of a score. I believe that you would be able to get a loan, but it would have to come from a sub prime lender. Sub prime lenders deal with people with not so great credit scores. With this loan, you will not have the best interest rate. Something to consider! You should probably work on getting that score up before you start your home search.
2007-12-19 14:52:13 · answer #10 · answered by DP_CA_AGENT 2 · 2⤊ 1⤋