Financing in Gordon County>Question Details

Jason, Renter in Gordon County, GA

Can someone help me get a list of lenders that will help me get a FHA loan with a credit score of 616 Please?.?

Asked by Jason, Gordon County, GA Tue Aug 23, 2011

Can someone help me get a list of lenders that will help me get a FHA loan with a credit score of 616 Please?. I have been working on my credit, but it seems like its not working and i am only 4 points shy of getting a loan.

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Unless you are facing imminent eviction or your lease is up without being able to go month-to-month, I recommend you increase your score 4 points, and even 24 points, so you'll have more options. You have worked this hard to get your scores where they are now, no need to throw in the towel and settle for a 616. Making sure all credit cards are reporting a $0 balance, 1 or 2 more months of on time payments, both can get you several more points. If you are at a 616 score and aren't seeing much more improvement, then I feel you should try out other ways to work on your credit. I have a client who is a freakin' credit beast, she raised her scores from a 514 to a 660 in a matter of 3 months (April to July), she did this by working directly with individuals are credit bureaus to remove inaccurate reported information and has successfully sued several creditors & collection agencies for violations of the Fair Credit Reporting Act & Telephone Consumer Protection Act. When you tackle your credit issues remember you can't just be dipping your toes in the pond, you need to do a cannonball.
1 vote Thank Flag Link Wed Aug 24, 2011
I'd recommend using a small company where you count. Larger companies like Wells Fargo and Prime Lending consider you a smaller number. Tim Brown at Academy Residential Mortgage: 6784679959, can go as low as 580. However, don't think that score is everything. Your credit profile will be reviewed: collections, judgments, liens, habitual late payments, maxed out credit cards. Also your explanation for credit will be judged. Make sure you find a house in good shape. Have your own down payment money and you should be fine.
0 votes Thank Flag Link Tue Aug 23, 2011
Wells Fargo retail lending. Track down the local home loan center.
0 votes Thank Flag Link Tue Aug 23, 2011
Hi Jason,
Prospect Mortgage has a 580-639 FICO program for FHA mortgages. My contact info is below.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Tue Aug 23, 2011
Just start calling and asking. Parameters change....Suntrust in Memphis does it at 620
0 votes Thank Flag Link Tue Aug 23, 2011
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