Hello. I am looking to sale my current house and downsize. According to equifax my score is 582. To buy a smaller house how much (percentage ) would I need to put down? thanks .
Hello. I am looking to sale my current house and downsize. According to equifax my score is 582. To buy a smaller house how much (percentage ) would I need to put down? thanks .
582 is an extremely low score I think most lenders start around 620. I would be pretty apprehensive to sell your home without getting a fully underwritten approval from a lender who will accept that credit score.
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Aggressive lenders can do FHA loans down to 580, and the larger the down payment the better chance the approval algorithm says yes. That said, if you see a consumer score model at 580 you probably have a 550ish mortgage score from the same bureau.
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