Financing in Minneapolis>Question Details

MPLS, Home Buyer in Minneapolis, MN

Any lenders that works with sub 620 credit scores in Minneapolis area on conventional loans?

Asked by MPLS, Minneapolis, MN Fri Jun 14, 2013

Currently making 135k a year household (wife has over 720 credit score). Have 2 years of W2 showing 85k for me personally. Wife purchased FHA Duplex in 2012 (even though I make the majority of the money my credit score was too low then). Looking to purchase another duplex by the end of the year. Even though my credit score has went up since 2012 it might not get to 620 or higher by years end due to some things from less than 7 years ago that will not go away. Help?

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Well these guys are mortgage people so I won't go against that!

Maybe the only thing I can add is that something does not seem right with the credit score. I work with people that have bankruptcy, foreclosure, collections, and pretty much anything else you can think of under the sun. I would think with your income that there should not be any current delinquencies that would prevent your credit score from going higher. We should be able to shoot your credit score up in 3 month's no problem, but 6 for sure if you want to buy year's end.

I have found not all loan officers know much about improving your credit, but I am here to tell you that unless there is something seriously wrong you don't need to use a special company. A good loan officer is all you need. I have my own loan officer that works with all my credit buyers, and I would be more than happy to refer her over to you. Just get in contact with me.

It is actually a good thing your wife went solo on that duplex, because I believe you can now purchase FHA solo by yourself still. Not 100% certain but it would make sense.

Chris Block
0 votes Thank Flag Link Sat Jun 15, 2013
I can't get below 620, and I can't recommend doing a conventional loan below about 660. For an owner occupied duplex at 620 you'll need at least 20% down, and you don't even want to know the interest rate. For investment property, I need to see a score of at least 660. Your best bet is to find help with credit repair first.
0 votes Thank Flag Link Fri Jun 14, 2013
The threshold number for financing today for most lenders is 640. The interest rate at the 640 score is not to attractive.

My suggestion would be to talk to a individual that is in credit repair. There are many options they have available to get the score up. If interested give me (Scott Rheinhart 612-281-9990) a call and I can pass along a name and number of one of the best credit repair guys in the business.
0 votes Thank Flag Link Fri Jun 14, 2013
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