Financing in 55436>Question Details

travis.d.ost…, Home Buyer in Minneapolis, MN

I have a credit score of 610, Equifax. I also qualifty for a VA loan. Can I get a morgage?

Asked by travis.d.ostrom, Minneapolis, MN Thu Apr 18, 2013

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You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender like The Lenders Network. They have helped a lot of people with lower scores get approved for a loan.. Good luck!
2 votes Thank Flag Link Wed Dec 11, 2013
Hello!

I am the Purchase Manager at Cascade Mortgage here in Minneapolis. We have multiple lenders who can go down to a 580 credit score so we should be able to work with you on getting you a home! I have many recommendations for you of clients who were in similar places that we were able to help!

Please contact me at any number below.


Bill Boldenow
Purchase Manager / Loan Officer
NMLS# 31974
Cascade Mortgage
2801 Hennepin Ave S
Minneapolis, MN 55408

O: 612-252-3347
C: 612-387-4745
F: 866-365-5065

http://WWW.YOURMNHOMELOAN.COM

bboldenow@mycascademortgage.com
1 vote Thank Flag Link Mon Dec 2, 2013
I would have to agree with Russ. One my good friends Kristin (she left a testimonial on my profile if you want to click my icon) went with a VA loan and in a similar position as you.

Yes there are lenders that will go under 620 and 640 I found them for her, but the UW becomes more strict and I found a lot of the time you paid another .5% on the loan. Just not worth it with you being so close.

The good news is my lender does use rapid re-score as Russ pointed out. I have no idea why every lender does not use this, but it saves a ton of time getting the scores up. Really takes the guess work out of it which I like. My lender also frequently does conditional approvals instead of just the desktop underwriting man lenders do. Basically, what it just means is she goes through the UW department with real people and makes sure you can qualify once the scores are up.

Just an added layer to make sure you get financed with no problems. Maybe besides the credit score you have lack of credit too, which could delay the buying. The only real way to know is start working with a good loan officer right away who handles a lot of buyers in your situation. As long as it is minor we are talking probably around June to get you going if that is something you desire. I just won't know until my LO gets his hands on you hahaha!

Certainly you can try doing this yourself, but honestly realtors do know where the best lenders are. I highly reccomend iLoans and my bud Charles Daily. What was really cool with my VA buyer Kristin is they actually covered the appraisal as a THANK YOU to her. It is like $400 which is not earth shattering, but I don't know anyone else that does it and a really good gesture I think. I also waive my admin fee for Vets as a thank you too which is $395. Basically freeeeee to work with me:)

I would not be surprised if Sheri finds her way on this thread either. I see her answering a lot of financing questions and would have no problem with you using her over at iLoans. Just hit my icon and contact me, and then I will forward you over to them.

You will be able to buy and very soon just make sure to get working on those scores NOW. Hope to hear from you in a little bit.

Chris
651-307-7663
chris.block@imetroproperty.com
1 vote Thank Flag Link Thu Apr 18, 2013
We require 620 credit scores so we cannot help directly, not now. I do know there are lenders that will do loans down to a 580 score. But the terms will be higher. It may be worth it for you to take the time to raise your score to 620 to get the best terms. But a lot of times there are things on your credit report that got your score so low in the first place, like collections, judgments, liens, etc; that may have to be resolved with any lender, even one who will accept a score as low as yours. Any experienced lender can help you raise your credit score, it just takes time. Feel free to contact me if you think I can help more, we lend in all 50 states. Good luck.
0 votes Thank Flag Link Tue Feb 24, 2015
Travis,
It would be a great idea to speak with a loan officer. Please contact my office and we will get you in touch with one of the best in town!
0 votes Thank Flag Link Mon Feb 23, 2015
I would send you to the mortgage broker I recommend in Minneapolis. Let the professional decide :)

Did you already get approved?

Where are you looking to buy?

Send me an email if you need help.

Cheers to coffee,

Cody Anderson, MN Licensed Realtor

RE/MAX RESULTS

Metropolitan Home Team

Phone: 612-242-5752

Email: cody@metropolitanhometeam.com
0 votes Thank Flag Link Mon Jul 8, 2013
Travis

I am a disabled Veteran and very familiar with how the VA works. I have a lot of friends that work for the VA. I also have been doing real estate for Veterans for some time. I know you have gotten a lot of great advice from realtors already. If you have any questions regarding your VA loan or real estate or your VA benefits give me a call or email. I have a true passion for Veterans, as I am one myself.

Thanks for serving our country.
0 votes Thank Flag Link Sat Apr 20, 2013
Thank you, Chris! We have a huge affinity to veterans. And I completely agree with you on the Rapid Rescore.

Travis, I think you may have already spoken to Charles? You are in great hands.

And by the way, THANK YOU for your service.

Sherri Sherpy
612-363-1106
sherri@iloanhomemortgage.com
0 votes Thank Flag Link Thu Apr 18, 2013
Hi,

The answer is "maybe". There may be an ability to raise your existing score and there may be extenuating circumstances. Call me at 952-929-2577 and let's discuss your circumstance. I have the ability as a broker to shop your loan among my investors NMLS #373115 http://www.Ventureloanapp.com as well as have a lender relationship at one of the large national banks who may be able to help.
0 votes Thank Flag Link Thu Apr 18, 2013
If you would like I can send you a list of lenders that can do a VA loan with a 600+ credit score. Please feel free to send me an email and I will reply with the list of links.


Kirk Duckwall
Certified Military Housing Specialist
Edina Realty
651-303-0019
kirkduckwall@edinarealty.com
0 votes Thank Flag Link Thu Apr 18, 2013
First let me thank you for your service.

While it is possible to get a mortgage with a score of 610, you may not like the terms you get with that score. For VA loans we need a score of 620 or better. In fact, for most other loans a score over 640 would be helpful.

There are a number of lenders that use a product called Rapid Re-score, or something like it, to give you guidance on quickly upping your score to qualify. We can also help with referals to credit counselors/credit repair agencies if improving your score needs a longer term plan.
0 votes Thank Flag Link Thu Apr 18, 2013
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