Financing in Geneva>Question Details

Aegdis19, Home Buyer in Geneva, IL

I have 636 credit score, will it be possible for me to obtain financing a foreclosure property.

Asked by Aegdis19, Geneva, IL Sun Apr 22, 2012

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Help the community by answering this question:


First of all, I would speak with a lender. I can give you a list of lenders in your area to contact if you would like.

Second, there are 3 major groups of financing: Conventional, FHA, and VA. Often sellers will decide which types of financing they will consider. If your credit score limits you to FHA then some homes may not be eligible for you to purchase.

Last, just because they say they don't accept certain financing options always have your REALTOR ask the listing agent to speak with the seller.

Again, I would contact a lender first, find out what you qualify for then find out if any of the homes you're interested in won't accept your financing.

**One more thing... Often, but not always, foreclosed properties are distressed and certain lenders won't lend money on a high risk property. They are investing in you and the home you're purchasing.

If you would like further assistance please feel free to call me anytime at 630-492-1284 or email me at

Good Luck!!
0 votes Thank Flag Link Mon Apr 23, 2012
There is more to it than that, but that is an acceptable credit score. You would be best served to have a realtor you can trust recommend a lender who can preapprove you over the phone at no cost. And then they can help you find a home that suits your requirements and price range. My office is in your area, I'd be happy to help. Good Luck . It is a great time to buy, as you know :)

Jennifer Leonard-Biddle 630-464-4230
Baird & Warner Fox Valley
0 votes Thank Flag Link Sun Apr 22, 2012
while the answers from Iowa, Pennsylvania and California are interesting, there are local programs that may let you buy a home here in Geneva with a 636 credit score. PLEASE talk to a local lender or give me a call and I'll refer you to some good people to talk to.
0 votes Thank Flag Link Sun Apr 22, 2012
Its doubtful. You will probably need to bump your score up to, around at or just under 700.
0 votes Thank Flag Link Sun Apr 22, 2012
For owner occupied, FHA financing, you can get a mortgage.

The question is will the house qualify for FHA.

Contact a buyer broker and a mortgage broker for full details on your situation.

Good luck!

Web Reference:
0 votes Thank Flag Link Sun Apr 22, 2012
You should be ok with it but the lender will look at your income and debts as well..
0 votes Thank Flag Link Sun Apr 22, 2012
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