Credit Score in Fremont>Question Details

Traci Turco, Home Buyer in Oak Harbor, OH

I have a credit score of 597. Being that my score is below 620 does this mean there is no way anybody will consider me for a loan?

Asked by Traci Turco, Oak Harbor, OH Sat Sep 7, 2013

I should qualify for a va loan

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Answers

4
There are a few FHA lenders that will consider a loan with a FICO score down to 500. However you may also benefit by looking into Private Portfolio lending.

I would recommend doing a Google search for private lenders in your town and starting there. You will likely pay a premium as private lenders are willing to take more of a risk.

Call and ask questions.

May I ask you... What is it that is holding your credit down? Are they hardships that are passed you or do you currently have hardships and collections that are validly yours?

You would have to show that you are a good credit risk and that your hardships are behind you in just about any lending case.

I hope this helps you.

Jason Wheeler
Lending since 2003 and ready to help...
0 votes Thank Flag Link Sun Sep 21, 2014
Luckily there are lenders like myself that have been able to give out loans with credit scores like yours. I have been able to do FHA loans with scores as low as 580 and VA loans with scores as low as 560. You just have to look around and find a lender like myself that are able to do these types of loans. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
All FHA lenders will do a loan with 640 scores. Most lenders will go to 620. Some lenders will go to 580. Very few will go to 560.

With a 580 to 619 score, you will most likely need to show rent history with cancelled checks or 12 months bank statements with no more than 30 day late. The 3.5% down payment must be your money. It cannot be a gift or borrowed. You cannot have more than $1000 in open collections. You must have at least 3 lines of credit. At least 2 of those must be a year old and one can be 6 months old. You will probably regret doing the loan with this score because loan officers don't get paid what they used to get paid. Much of the mentality is: Why should I spend a lot of time working with someone with bad credit when I can spend less time with someone with okay credit and get paid the same?

So, if you are going to buy with this score, then I recommend that you buy a $250,000 house and make it worth their time. Just make sure you can afford it. In the mean time, work on your credit, your savings, your budget. Make sure your bank statements don't show you eating out all the time and that you aren't creating non sufficient funds on the account every month.
0 votes Thank Flag Link Thu Sep 12, 2013
Please see the provided link below to connect with a professional remax agent in your area who would be willing to assist you in getting in touch with a recommend lender who can help with your credit and getting you a loan.
0 votes Thank Flag Link Sat Sep 7, 2013
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