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Shelby Bateson
"A mortgage loan officer with YOUR interests in mind"
- 1 Helpful Answer
- 11 Answers
- 19 Blog posts
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Specialties:
Residential and Commercial loan officer
Correspondent on Examiner.com (real estate expert) ... show more
Correspondent on Examiner.com (real estate expert) ... show more
About:
I'm a mortgage loan officer with more than 5 years of experience here in Oregon, and more than 20 years experience in the financial services industry.
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Shelby Bateson answered:
If you are going to need a co-signer for the loan, you need to act very quickly. FHA has eliminated accepting non-resident co-signers beginning January 1, 2010.
Also, I would be VERY surprised if any of the big banks are going to allow a score as low as 588. Currently almost all lenders require at least a 620. B est advice is to get your financing lined up first, before you fall inlove with a house.
And, if you do find financing with that low score you should be prepared to pay a higher rate for the loan.
Also, I would be VERY surprised if any of the big banks are going to allow a score as low as 588. Currently almost all lenders require at least a 620. B est advice is to get your financing lined up first, before you fall inlove with a house.
And, if you do find financing with that low score you should be prepared to pay a higher rate for the loan.
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