Financing in 01805>Question Details

Socialbee, Home Buyer in 01805

I have a 600 credit score with a good down payment. Is there a chance that I'll qualify for a mortgage?

Asked by Socialbee, 01805 Wed Nov 16, 2011

0 votes Share Flag Financing in 01805

Help the community by answering this question:

Answers

2
Currently as of today, I have an outlet for you actually.

You'll need three months of reserves after all your funds are sourced to close as well as three tradelines that are twelve months old or longer. There are some other basic criteria but those two above are the main sticking points usually.

This will be via an FHA loan, your down payment will be 3.5%. You can contact me at 847.404.7006.

Disclaimer: In the weeks/months/years to follow, this information may not be accurate, please ask for confirmation at that time (my profile --> email or call).
Web Reference: http://RobWeber.com
0 votes Thank Flag Link Wed Nov 16, 2011
Unfortunately, no. You need a minimum of 640. Why not take some of that "good down payment" money and use that to pay down, or pay off some of your debts? You should sit down with a lender who can review all of your financial info, and give you an idea of what it will take to bring your score up. Good luck!
0 votes Thank Flag Link Wed Nov 16, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer