Credit Score in Chicago>Question Details

Sherita Holm…, Home Buyer in Washington, PA

i have a middle score of 640, can i get a loan in the chicagoland area?

Asked by Sherita Holman, Washington, PA Wed Jul 24, 2013

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22
Yes you can get an FHA loan possibly even conventional with 3% down with a 640 score. Check out The Lenders Network they can refer you to a lender that offers a loan for you.

Good Luck!
2 votes Thank Flag Link Thu Oct 31, 2013
Hello Sherita,

The three areas that a lender looks at qualifying a borrower are:

1. Credit score – minimum of 640 FICO is needed, the higher the score, the better rates you will get!

2. Loan to Value (LTV): 20% or more Down payment (80%LTV) for a primary property gets you the best rates and NO PMI! If you put less than 20% down payment on your purchase, you will have to pay mortgage insurance.

3. Debt to Income (DTI): lenders will lend up to 45% of monthly debt to monthly gross income. This includes the mortgage, taxes, insurance, HOA, car payments, student loans and all other installment monthly payments.

So Yes, you can get a mortgage with a 640 credit score, however, we have to look at your credit score history (collections, judgments, bankruptcy, foreclosures etc. will also effect lender's decisions) and other variables to make sure your qualify. Please give me a call to review your options.

With warm regards,

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com

http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
0 votes Thank Flag Link Mon Sep 30, 2013
based on that score you would be good to go, but there are other factors such as debt ratio, id be happy to get you qualified.

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
Sherita there are other factor that are considered besides the credit score. Have a mortgage person look at the full picture to determine what products you could qualify for.
0 votes Thank Flag Link Sat Sep 28, 2013
I would be happy to help with your financing. There are several programs for first time homebuyers that offer down payment assistance. Joanna Weiss NMLS 230029 773-327-3580
0 votes Thank Flag Link Mon Aug 26, 2013
Just make sure that your 640 middle score is an actual FICO score from a loan officer, not a 640 middle score you received online. (All scores are different).
Web Reference: http://www.creditfirm.net
0 votes Thank Flag Link Thu Aug 22, 2013
yes you can in fact with a 640 middle score you can go FHA or Conventional...



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 Aug 19, 2013
Sounds like your in great shape to get approved for a loan now with a 640 score.. If you need any help email me or visit our site http://www.thelendersnetwork.com
0 votes Thank Flag Link Sun Aug 18, 2013
Your credit score is only one of the factors lenders take into account when considering you for a loan. Income, down payment, and debt to income ratio, as well as many others are things every lender also considers. So the best advise I could give you would be to speak with a loan officer and they will tell you what you are qualified for.

On a side note, you state that your middle score is 640. Make sure that it's an actual FICO score and not one of the thousands of fake credit scores like the TransRisk score, Plus score, ScorePower score, or Vantage score, that no lender uses.
0 votes Thank Flag Link Thu Jul 25, 2013
Sam Sharp is great. He will let you know what you need to do!
0 votes Thank Flag Link Thu Jul 25, 2013
you absolutely can...all you need is a 580 score and you are good to go...
0 votes Thank Flag Link Thu Jul 25, 2013
Speak to a lender and have them talk you through your options. There may be programs out there for you such as FHA.
0 votes Thank Flag Link Thu Jul 25, 2013
you absolutely can, do you have any bankruptcies in the last 3 years?


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
0 votes Thank Flag Link Thu Jul 25, 2013
Yes, if the other factors (debt to income ratio, employment history and adequate down payment funds, etc) are all in line.
0 votes Thank Flag Link Thu Jul 25, 2013
You should really sit down with a good loan officer to determine which way you qualify best or what to do to qualify in the future.
There are lots of programs and everyone is different.
I just had a veteran preapproved for a VA mortgage and he had not expected it.
0 votes Thank Flag Link Thu Jul 25, 2013
You should really sit down with a good loan officer to determine which way you qualify best or what to do to qualify in the future.
There are lots of programs and everyone is different.
I just had a veteran preapproved for a VA mortgage and he had not expected it.
0 votes Thank Flag Link Thu Jul 25, 2013
It could be possible but like others told you there are many other factors that go into in. Talk to a realtor and then talk to a lender to determine what you can afford and qualify to purchase.

Good luck!

Let me know if I can be any assistance.
0 votes Thank Flag Link Thu Jul 25, 2013
It depends on the price of the property and how much you have for a down payment. The more you have for a down payment the better your chances.
0 votes Thank Flag Link Wed Jul 24, 2013
Sherita,
I work with a lender that can help you. I make no money from sending you to him. I just want you to know it is possible. If I can help let me know.
0 votes Thank Flag Link Wed Jul 24, 2013
It is a possibility. I would suggest visiting with a local lender. They will take into consideration your credit score, other assets and what you would qualify for in terms of a purchase price. I hope this helps. Best wishes!
0 votes Thank Flag Link Wed Jul 24, 2013
Your off to a good start - 640 is the minimum credit score we require for FHA financing.
Please call me and we can go through the details and see if you can qualify.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Wed Jul 24, 2013
I may be able to help depending on assets, income and a few other factors. Feel free to call me at 773-639-5169.

Mark Ghaowi
Guaranteed Rate
0 votes Thank Flag Link Wed Jul 24, 2013
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