Yes, it is possible to get approved for a mortgage with a 580 credit score. The majority of lenders offer FHA loans that start at a credit score of 580. Here are a few key points to keep in mind:
– With a credit score of 580 or above, you can put down as little as 3.5% on your FHA loan.
– If your credit score falls between 500 and 579, you may still be eligible for an FHA loan, but you’ll need to put down at least 10%.
– Keep in mind that while FHA loans are more forgiving when it comes to credit score requirements, they do have other eligibility criteria that you’ll need to meet.
– If you’re concerned about your credit score, take steps to improve it before applying for a mortgage. This might include paying down debt, making sure all your bills are paid on time, and disputing any errors on your credit report.
Overall, while a 580 credit score is on the lower end of the spectrum, it is still possible to get approved for a mortgage. Consider working with a reputable lender who can help guide you through the process and give you personalized advice based on your individual financial situation.