Credit Score 599

If you have a credit score of 599, or a credit credit score around 599, there are many loan programs that rae still available to you at competitive rates. Be it for a home purchase, to pay off an adjustable rate mortgage, or to consolidate debt; there are programs you may qualify for with a credit score of approximately 599. The next paragraphs will highlight different available programs for those with a credit score of 599.

The Federal Housing Authority(FHA) allows for loans with a credit score of 599, given that there is a strong payment history for the last 12 months. FHA loans require full income and asset documentation. There are maximum loan limits depending on the county in which you reside. Contact a mortgage professional for more information about FHA loan programs with a credit score of 599.

Fannie Mae and Freddie Mac will approve loans with a credit score of 599 as long as there are other compensating factors such as asset reserves, a strong debt-to-income ratio, or a low loan -to-value ratio. Fannie Mae also offers "expanded" approvals for lower quality loans at slightly higher rates. These programs are available for purchase and refinance transactions.

Poor credit doesn't always mean poor rates on your mortgage refinance. Even a 599 FICO score does not disqualify you from low, fixed rate home loan financing.

A low credit score doesn't always mean a poor payment history, and many people have successfully obtained mortgage financing with a 599 credit score. Be sure to review your credit report with a mortgage professional.

» DISCLAIMER: The information contained in this article on 'Credit Score 599' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.