Credit Score in Reno>Question Details

Shartley86, Home Buyer in Reno, NV

Anyone in the reno area that can help with getting a loan with a 600 credit score?

Asked by Shartley86, Reno, NV Fri Jun 15, 2012

My husband has a 715 credit score and I have a 600. Will it be possible to get a home loan with these numbers? Also we have very stable jobs but have only been at them for less than a year, with letters of reference from our employer might we still qualify? Or do we absolutely have to have 2 yrs at a job?

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Answers

11
1. Talk to an experienced lender to get the right answer. You need someone to look at your situation and advise what you can do to make the necessary changes. Loans are made with "Compensating Factors" the length of employment and the lower score can be off set with some of these factors but only an experienced lender can advise you about that.

2. You might need to do some mitigation to your score but that can actually happen pretty quickly.

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
775-781-5472
1 vote Thank Flag Link Fri Jun 15, 2012
Real estate is always a challenge and so is life. I love challenges!!! His name is Ed Noel 721-4100. ed.noel@alderus.net.
1 vote Thank Flag Link Fri Jun 15, 2012
try prime Lending Jennifer Fiore @ Prime Lending 775-338-5059
1 vote Thank Flag Link Fri Jun 15, 2012
You are close with that score, if you have been in the same type of employment and or steady jobs, you may be OK with employment. You can call Aaron Dehart at Summit, he works with people like yourself and he returns calls and e mails. 379-5012 adehart@summitfunding.net

Have you tried repairing your credit?

I also specialize in owner financing and lease options so can set you up with some of them.
1 vote Thank Flag Link Fri Jun 15, 2012
Hello!

In regards to your employment situation, it really depends on how your current job relates to your past occupations. Also, are you a W2 employee or self-employed or did you go from being W2 to self-employed? Last, you may have been a student who just graduated from college and is starting your career. As you can see, there are many factors to consider and you need to sit down with a loan officer to figure out your best route.

In regards to your 600 credit score, I would do everything possible to find a way to increase it. The higher the score, the better the loan options. There are companies that will work with that score, but you are subject to tighter lending standards and possible rate increases. Let me know if I can help, and contact me if you have any further questions as I would be happy to help you out with anything!

Patrick Winchell
Senior Loan Officer
New American Mortgage
patrick.winchell@newamerican.com
0 votes Thank Flag Link Thu Jun 21, 2012
I would advise you to contact a lender and have them run the numbers for you and see if there are any programs that can help you. Remember if you can't qualify now atleast you can get on a plan that you can later. I have a couple of lenders that I would be happy to give you their contact information. If you would like the information email me keisha.wade@harcourtsusa.com
0 votes Thank Flag Link Sun Jun 17, 2012
Talk with Doug Kaller with Academy Mortgage at 250-4421. He is an experienced lender.
0 votes Thank Flag Link Sat Jun 16, 2012
I think the only luck you will have securing a loan will be to have your husband qualify on his own. But you have a lot of resources from all the contacts you have given below, so give them a try. And if they can't help you qualify now ask them what you need to do to qualify in the near future. Good luck and don't get discouraged if things don't work out immediately like you hope. Preparing yourself financially to purchase a home takes time and it is never too soon to get started working on your goals. The loan people listed below can help put you on the right path.
0 votes Thank Flag Link Sat Jun 16, 2012
Talk with a lender first. Traditional lenders are your best option. If you find out that you can't get a loan then look into other optinons such as owner carry, and lease options if you don't want to wait.
0 votes Thank Flag Link Fri Jun 15, 2012
I know prime lending can do them call Jennifer Fiore at 7753385059
0 votes Thank Flag Link Fri Jun 15, 2012
It is best if you speak to a lender.There is a lot more than just credit and jobs. Have you been in the same line of work as to what you are doing now? Do you have any large debt?These are questions that your leader will ask and more. I have a Great Lender in the Reno area. Holly Tuhey
0 votes Thank Flag Link Fri Jun 15, 2012
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