Credit Score in Chicago>Question Details

Donna A, Home Buyer in Chicago, IL

Likelihood of getting a loan with 629 credit in Chicago

Asked by Donna A, Chicago, IL Thu Aug 22, 2013

I recently checked my score and it is 629. I had a credit card that went into collections and I recently paid off on June 2013. Other than that I had a few late payments on my car which has been long paid off and a few late payments on a credit card which also has been long paid off without both going into collections. I currently don't have a credit card only one with a relative as the primary holder. I am interested in buying a home. I will be cosigning with someone who has a 750 or higher credit. What is the likelihood of us getting a loan? Would it be difficult because I have a low credit? Or would they consider the higher credit score? Who is best to contact with these type of situations?

Thank you.

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Answers

18
Yes you can get an FHA loan possibly even conventional with a 629 score. Go to The Lenders Network they will match you with lenders based on your situation, they have many lenders that work with lower scores.

Good Luck!
1 vote Thank Flag Link Tue Dec 24, 2013
The thing that would need the most help is the credit score. There may be some lenders out there that can work with those credit scores. For example, the average credit score minimum for some loans are about 620, but some lenders can go as low as 580 and some want credit scores as 680. You sometimes just have to shop around and see what you can get. Although, I would suggest to try to increase their credit scores because it will only be to their future benefit. The most effective way to fixing a credit score is to pay your revolving credit card balance. If there is a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible (which you've done). So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score.

Hope this helps and good luck!


Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 24, 2014
Hi Donna,

My name is Jimmy Vecellino and I am a Marine Corps Veteran and Mortgage Banker Specializing in VA Home Loans with PrimeLending.

I can tell you that most lenders require a 620 credit score on VA Home loans so to answer your question is it is possible to obtain a VA Home Loan with a 620 credit score.

Feel free to answer to check out my website at http://www.VALoansForVets.com or call me direct at 480-538-4980 for more answers to any questions that you may have.

Most of all thank you for your service to our great country.

With gratitude,
Jimmy Vercellino
0 votes Thank Flag Link Sat Nov 9, 2013
We have done loans for worse credit scores. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Nov 9, 2013
580 scores, need to see overall picture of credit too. Fha.
http://Www.myprospectmortgage.com/cbajak
Cassandra.bajak@prospectmtg.com
Thankso
0 votes Thank Flag Link Thu Nov 7, 2013
I am a local Chicago lender.
Flag Thu Nov 7, 2013
Potentially with an FHA loan. Call a mortgage lender to get a pre-approval for a loan. This depends on a lot of different factors, so you may have to provide a lot of information, but it's for the best!
0 votes Thank Flag Link Sat Nov 2, 2013
Hello Donna,

There are a ton of loan programs available and many new to come. I suggest you speak with three lenders. At the very least you will come out with ways on how to improve your credit rating. Good luck!
0 votes Thank Flag Link Fri Nov 1, 2013
There are many lenders who would be willing to work with you. Your credit score is acceptable by most lenders. You may check http://www.whywaitbuytoday.com to see if you qualify.





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Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Thu Oct 31, 2013
Your credit score/profile is just ONE of several factors that any Lender will look at to deterimine if you can get a loan to purchase your home. The other factors are (2) income or combined income (if there are co-borrowers, (3) current outstanding debt and (4) property use, type (SFR vs CONDO) and other property info (taxes, HOA fees?).

It seems you are eligible for a loan however without knowing more about you, you and I do not know much much $$ you are capable of getting with your loan.
0 votes Thank Flag Link Wed Oct 2, 2013
im giving out loans with scores like that on a monthly basis, no problem

Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
0 votes Thank Flag Link Mon Sep 30, 2013
Recent negative activity can bring a score down and believe it or not paying the old collect may have brought your credit score down. It refreshes the reporting which may not have been happening of late on that old item. In the future call the creditor and ask if they will remove the negative if you pay off the balance. 50% of the time when I work with a client they will. Also go on all 3 bureaus online dispute are dispute all negatives. Many of these will come off. Creditors have 30 days to confirm an item or it comes off. Some of you old creditors may not exist any more. I once help a client, who was homeless due to domestic abuse, clean her credit from the 400s to the 700s. She was able to buy her own home a few months later. We had 39 of 42 negatives removed.
0 votes Thank Flag Link Tue Aug 27, 2013
I would be happy to help you with financing for your upcoming purchase. There are several down payment assistance programs for first time homebuyers. Joanna Weiss NMLS 230029 773-327-3580
0 votes Thank Flag Link Mon Aug 26, 2013
as matter of fact, you can... you have several options that you can explore, i would love to be the one who puts you into your first home.congratulations!


Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
0 votes Thank Flag Link Fri Aug 23, 2013
Greetings Donna,

Both you and your co borrower need to submit your financial docs to a lender so that your complete profile can be evaluated. The combination of your Credit, Income and Down Payment will determine your ability to obtain a loan. Feel free to contact me should you need any assistance.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Fri Aug 23, 2013
Call to a good lender but i think you have to wait 1 year after you paid off the credit cards collections
0 votes Thank Flag Link Thu Aug 22, 2013
Its very tough for us to give advice without actually digging into all the details. So the best person to ask is just contact a lender directly.
Web Reference: http://Americorpre.com
0 votes Thank Flag Link Thu Aug 22, 2013
Dispute ALL negatives with the 3 credit bureaus online, even if you think did them. Creditors have 30 days to verify of they fall off. If you have any outstanding collections call them and negotiate a price to remove them. Some of the old creditors may not even be in business anymore and will drop off by default. You will be surprised at how things change in 60 days.
0 votes Thank Flag Link Thu Aug 22, 2013
Sounds possible. Call Chuck Poulin with Chase 708-781-4012
0 votes Thank Flag Link Thu Aug 22, 2013
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