Credit Score in 53225>Question Details

Maritza Bati…, Home Buyer in Milwaukee, WI

WHAT IS THE LOWEST MY CREDIT CAN BE FOR I CAN GET A FHA LOAN MARITZAB35@YAHOO.COM

Asked by Maritza Batista, Milwaukee, WI Tue Jun 4, 2013

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We are able to consider financing a home down to a 580 middle credit score with only 3.5% down paymnet on an FHA loan (no rehab). FHA 203k Rehab loans require a 640 credit score. Please contact me if you would like to discuss your situation further.

Sincerely,
Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
http://www.MyProspectMortgage.com/mfritsche
0 votes Thank Flag Link Tue Jun 4, 2013
It depends on the amount of your down-payment, and the lender you are working with. Some will not underwrite below 640, while others will work with a score lower than that, but requires at least a 10% down-payment.

The question to ask yourself is: "Will I come out better by getting a deal on the house now, with a higher-interest loan... Or work on improving my score to get a better rate on the loan?"

Often times, it is worth it to improve your credit so that when you do obtain financing, your loan rate will be much better.
0 votes Thank Flag Link Tue Jun 4, 2013
A better question to ask is how much are you willing to bet against yourself? Credit scores are odds, a low score predicts the borrower will not make the payments in a timely manner. A high score predicts they will make the payments as agreed. So looking for a lender that will take a low score isn’t protecting your hard earned money, it is putting it all at risk. Another good question is to ask why the score is low and then address the issue before making it worse, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Tue Jun 4, 2013
I believe I have a loan officer who can do it at 600. Let me know if you would like his contact information.
0 votes Thank Flag Link Tue Jun 4, 2013
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