Financing in Wyoming>Question Details

Klessenburg, Home Buyer in Wyoming, MI

Can I get a home loan with a credit score of 603?

Asked by Klessenburg, Wyoming, MI Fri May 8, 2009

Are family is growing - from a family of 3 to a family of 6 (gaining 3 teenagers)! We need a larger home, but my credit score is only 603 and we need to move as soon as possible.

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4
Wow Spamming Trulia Jessica. Same Answer on 50 different posts

Way to offer great insight to the Trulia community.
0 votes Thank Flag Link Sat Aug 10, 2013
As you may know, the mortgage industry has been in a constant state of change in recent years. Currently most banks require a score of at least 640, however,if you do not have negatives on your credit score but simply a lack of established credit, you may be able to get a mshda loan.
0 votes Thank Flag Link Tue Nov 2, 2010
Hi Klessenburger,

There are a few lenders who will, here in Grand Rapids............MetLife home loans is a great place to go for an FHA loan..............I use Jason Jenkins a lot there....................his number is (616) 293-9186
0 votes Thank Flag Link Fri May 8, 2009
Absolutely. Your best bet is to qualify for an FHA loan. Rates are currently at 5.25% and the down payment is only 3.5%. FHA has much more lenient guidelines for credit approval than anything convetional.

If you want to go a different route, you can get a USDA Rural Housing Loan. That loan will get you 100% financing and has great rates too. There are some geographic restrictions as well as income restrictions to it.

If you would like to call and discuss your loan options, I would be happy to discuss them with you.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes Thank Flag Link Fri May 8, 2009
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