Getting A Mortgage with a 590 Credit Score
A credit score of 590 should give you a solid chance in finding a mortgage based upon today’s lending guidelines. Your credit score is a major factor in not only whether you can find a loan, but also what your rate will be. Your credit score also opens and closes various loan program options. It can also close a few doors if your credit score is too low.
If you have a credit score of 590 you will have the ability to not only find a conventional loan but also VA, FHA, USDA and bank statement loans for self employed borrowers. A score of 620 is preferred but we have developed relationships with some of the best lenders over the past 15 years who can still get it done at 590. Let us help you to find the right program with the lowest rate possible.
Below are some loan options for individuals with a 590 credit score. Keep in mind that as scores get below 600, some of the requirements below may also change.:
FHA Loan Requirements With a 590 Credit Score
- FHA mortgage loans require both taxes and insurance to be escrowed.
- They require you to have a mortgage insurance premium (MIP)
- You must have a sustained history of employment (typically at least two years)
- 3.5% down payment required
Click to find out if you qualify for an FHA loan with a 590 credit score
Conventional Loan Requirements With a 590 Credit Score
- Fully document income and assets
- Minimum of 5% down payment depending upon credit score
- PMI required if less than 20% down
- All property types permitted
- Minimum of a 2 year work history required
- Recent bankruptcies or foreclosures typically not accepted
Click to find out if you qualify for a conventional loan with a 590 credit score
VA Loan Requirements With a 590 Credit Score
- You will need at least 90 consecutive days of active duty service
- You will need 181 days of active duty service during peace time
- VA funding fee required
- Zero down payment required
- You must fully document your income and assets
- Typically a 620 credit score is required but we can get it done if your score is lower
Click to find out if you qualify for a VA loan with a 590 credit score
USDA Loan Requirements with a 590 Credit Score
- You must fully document your income and assets
- No down payment required
- Credit score of 640 is typically required but we can get it done with lower scores if you have compensating factors. So, contact us and we will help get this done for you.
- The property must be in a USDA eligible location. We can help you to determine that with our lookup tool.
- You must be employed for the past two years.
Click to find out if you qualify for a VA loan with a 590 credit score
We have been helping people to finance their homes for almost two decades regardless of credit score. Please let help you by having a free consultation so we can walk through your personal scenario. Click here to get connected with us.
Frequently Asked Questions – 590 Credit Score Mortgage Lenders
Q: Can I get a mortgage with a 590 credit score?
A: Yes, there are plenty of mortgage options for you with a 590 credit score.
Q: How good is a 590 credit score?
A: A 590 credit score is considered to be “fair”. That being said, we can still help you to finance your home.
Q: What are the interest rates when you have a 590 credit score?
A: The interest rates will vary based upon the program and some other factors. We can help you to get a rate quote.
Q: What is the minimum credit score needed to get a loan?
A: We can help you to get a mortgage with a credit score as low as 500.
Q: How easy is it to raise my credit score?
A: It actually is not that difficult but there are professionals who can help do it quickly if you are trying to qualify for a loan. We can also help you with that.
We are able to help you to find 590 credit score lenders lenders in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.