Financing in Philadelphia>Question Details

nia.rawls, Home Buyer in Philadelphia, PA

Any lenders for consumers with credit score below 620? My credit scores are 616, 626, 637 but I am still being denied by FHA lenders.

Asked by nia.rawls, Philadelphia, PA Sun Nov 18, 2012

Any lenders for consumers with credit score below 620? My credit scores are 616, 626, 637 but I am still being denied by FHA lenders. So frustrated. My husband scores are 567, 570, 611. Our scores use to be much worse believe it or not. It took us much work to even reach these low scores. Nurse & Firefighter, we have modest savings and need to buy a home for our growing family. Where should we look?

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Philip J. Cunningham Sr.’s answer
Please call me at my office there are some programs available 215-725-5700 X49

Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700X49
philcunningham2004@yahoo.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Thu Jul 11, 2013
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!

Good Luck!
1 vote Thank Flag Link Wed Jul 10, 2013
Good Evening Nia,
Yes I do... Feel free to call me fora confidential talk.
All the best, John Curci Re/Max 215-757-2889
0 votes Thank Flag Link Sun Nov 18, 2012
Please remember that all the advise you're getting is from people who have not seen your credit report or even spoke with you in person if you have an agent call him and work with him if not call me to set up an appointment to review your paperwork without charge

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
Office.(215)725-5700 X49
PhilCunningham2004@yahoo.com
http://www.GreatPaRE.com
Web Reference: http://WWW.GreatPaRE.com
0 votes Thank Flag Link Sun Nov 18, 2012
Hello,

As others have said there are multiple factors that are considered when trying to get approved for a mortgage. The score is just the first part, then they look at how much debt you already have compared to your income, most lenders won't lend unless your debt to income ratio is somewhere between 30-45%. Lenders also look at your spending habits when they review your bank statements to see what kinds of purchases you make; they look for frivolous spending.

That being said did the lender you were denied by say why they couldn't approve you? If it was only a matter of scores than I can definitely help! I have two lenders that both have offices right in our Remax office, they work with all of our Realtors. I am not sure if you are aware of this or not but the CityLift program just brought more money back to Philadelphia so if you move within the county you can get $15,000 to put toward your mortgage! There is no time like the present, please call me today so we can further discuss your options!

By the way if you or anyone you know needs credit counseling to prepare for a mortgage I also have a team for that, my clients pay a one time fee of $99 and they will usually have a client ready within six months to buy!

Hope this helps, enjoy your holiday!

Danielle R Gurst
Remax Affiliates NE
215 543 9425
http://www.DaniSellsHomes.com
dgurst@comcast.net
0 votes Thank Flag Link Sun Nov 18, 2012
Hello Nia,

I have programs with scores down to 560, but if you have a 627 credit score I am curious as to why you are being denied. Have you had a recent bankruptcy or foreclosure?
Do you have too much debt? I would be happy to review your situation and at least let you know what to do moving forward.


Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Sun Nov 18, 2012
No bankruptcy or foreclosure ever. My debt is high because of federal student loans, all of which are in deferment currently. My car loan and credit cards are paid off currently. All negative items are at least 7 years old if that even matters...
Flag Sun Nov 18, 2012
Are you are going to get a mortgage based on both your score and your husband's score ? You can go to http://www.hud.gov and look up lenders and also credit counselors. Maybe you will find some one to help you. Feel free to call me and I can give you the name of some lenders.
0 votes Thank Flag Link Sun Nov 18, 2012
Good afternoon & congratulations on improving your credit scores.Your score is actually 626.The middle score is the one used.Depending if you have good items without being late, you should be ok.I have a loan officer I have used for 15 years who looks at the whole picture.You may be able to obtain finan
cing.Call me and I will be happy to check on it for you.
My best,
Don Sherman
Century21 Advantage Gold
Cell-267-716-8228
Email-realtor94@gmail.com
0 votes Thank Flag Link Sun Nov 18, 2012
You should go to your local non profit housing group for credit counseling. They will tell you what you need to do. Your scores still indicate that you have problems with money.
0 votes Thank Flag Link Sun Nov 18, 2012
I have a lender that will do it. You can contact me at 267-228-3910 or nicksylvestro@aol.com

Nick Sylvestro
Associate Broker
Remax Access
0 votes Thank Flag Link Sun Nov 18, 2012
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