Financing in 61938>Question Details

Lookingtoimp…, Home Buyer in 61938

Are there mortgage proprams for below 600 FICO scores?

Asked by Lookingtoimprove, 61938 Sun Jun 27, 2010

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Yes!! I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good luck to you!
2 votes Thank Flag Link Sun Sep 1, 2013
Hi Lookingtoimprove

The minimum age allowed for a reverse mortgage/ borrower is 62.HECM stand for Home Equity Conversion Mortgage. Loan to Value ratios on Reverse Mortgages are based upon these three factors: Home Value or FHA Lending Limit (whichever is least), current expected interest rate, and the age of youngest borrower. HECM Reverse Mortgage Loans are insured by FHA. You cannot get a reverse mortgage on investment property.Reverse Mortgages may be used as purchase money loans on a primary residence.Proceeds from a reverse mortgage may be used to buy a vacation home.Once you have a reverse mortgage and you are taking monthly payments - if you wish to change the method of payment you must Request a Change and Recalculation and pay $20. Reverse Mortgage Counseling is Mandatory, provided by HUD Approved HECM counselors, and must be completed prior applying for a reverse mortgage.

http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
0 votes Thank Flag Link Tue Oct 8, 2013
yes, there are..... we go down to a 580 score.


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 Wed Jul 31, 2013
YES, NACA is a non-profit mortgage lender which does NOT look at FICO scores, BUT they look at your previous 12-24 month payment history. Check them out http://www.naca.com
0 votes Thank Flag Link Mon Mar 14, 2011
It depends on why your score is so low. If you have judgements and collection accounts-NO. If it is due to student loans that the balance is higher then what you borrowed, then you could get a FHA. You cannot use more then 41% on all your debt (including PITI)

Annette Levinson
senior mortgage officer
631-553-8255
0 votes Thank Flag Link Tue Jun 29, 2010
Lookingto improve

I would strongly urge you to build your credit up first. Depending on your reason(s) for a low score, you could
possibly do want you need to do to significantly increase your score over a relatively short amount of time and little expense. I currently have a buyer that got a 43 pt boost in her score by simply paying down her credit by 384.00! And it took less than 5 days to do it.

Heed my advice, have a knowledgeable LO look at your credit and determine want you specifically need to do. The consultation itself should be free and you'll save yourself thousands of dollars in extra closing costs and higher interest rates.
0 votes Thank Flag Link Mon Jun 28, 2010
We have a correspondance with another lender who will approve loans down to a 580 for a purchase. They are not easy to do and will ask alot of questions, but if you fit the criteria then you'll have a loan. Anticipate a down payment of 5 to 10% of your own money (no gifts) and slightly higher lender fees. Good luck!

Michael Cline
mcline@peopleshomeequity.com
0 votes Thank Flag Link Mon Jun 28, 2010
Hi Looking,
You might be able to qualify for an FHA mortgage with a low credit score of 620 but it will cost you more money each month. Mortgage products don’t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.

Hannah Fliegel, FICO Pro
The Credit Repair Expert
415-999-9348

http://www.HowDoYouScore.com
0 votes Thank Flag Link Mon Jun 28, 2010
I would recommend checking with a local lender to give you tips on how to improve your score. From talking with lenders in our area, they are stating that people need a score of 620 if not 650 to get much through. That my change if you have a large down payment, however you would need to get the specifics from them. Hope this helps.
0 votes Thank Flag Link Mon Jun 28, 2010
You would need a very large percentag down like 30 to 35% if anyone had a program still. You should meet with a local and trusted mortgage broker, they can prequailify you for free and let you know if there are any programs you do quailify for and what teh requirements are, if you do not quailify now, a good loan officer can tell you what you will need to do in order to get quailified in the future.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jun 27, 2010
Sorry, no.

Work on your credit by going to http://annualcreditreport.com

It is free and it let's you look at all three credit agencies once a year and dispute anything wrong.

That will take about 60 days to do.

If your scores don't go up then, I can recommend a great specialist to help you.
Web Reference: http://fglick.com
0 votes Thank Flag Link Sun Jun 27, 2010
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