Financing in Chicago>Question Details

Homehelp, Home Buyer in Chicago, IL

I live in Illinois. My credit score is 607 and we don't have much on down payment. Is my score good enough for a home loan?

Asked by Homehelp, Chicago, IL Fri Sep 30, 2011

Renting home I want to purchase. The owners are going to do a short-sale. They owe more than the home is worth. Saw an analysis for the home last year this time reporting about $109,000, believe they owe about 150,000.

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The company I work for has financing solutions for 600-619 score FHA borrowers (must be a purchase) but you must meet some additional criteria in order to qualify. Will you have any funds to show as reserves after your down payment? Do you have some established credit? If you were able to answer yes to both of these, contact me through my profile and I'll get you started tomorrow.
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0 votes Thank Flag Link Wed Nov 16, 2011
Home Buyer, Chicago, IL

You can get a mortgage, Will need to speak to you. Please feel free to call me
American Fedility Mortgage, Sue Merkendorfer, Direct Line# 630-681-1010 x 128
A Chicago's Magazines 5 Star Mortgage Professional, 2011. NMLS # 193084
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0 votes Thank Flag Link Tue Oct 4, 2011
You will need to get your score up to atleast a 620 for for most lenders to get you preapproved. Contact a experienced lender who can review credit with you and show you how to get your score where it needs to be as quickly as possible. In some cases it could take as little as 45 days, depending on what would need to be done on your credit.

Should you have any further questions for me, please email or call me. Good luck in your home search.

Nick Nelson
0 votes Thank Flag Link Fri Sep 30, 2011
607 is not a great score but in some cases there may be special loans offered in your area with different criteria than a usual FHA or Conventional Loan.
0 votes Thank Flag Link Fri Sep 30, 2011
Yes. Credit score need to be good to get mortgage. But it has some exceptions.If you are in that exception category you will get mortgage.You may talk to a mortgage banker to find out that.Good luck.
0 votes Thank Flag Link Fri Sep 30, 2011
607 is a low score, but not impossible. Contact a loan officer, and they'll help you figure out if/what you can borrow.
0 votes Thank Flag Link Fri Sep 30, 2011
Alan May, Real Estate Pro in Evanston, IL
The best thing you can do is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for given your situation…

Please see my blog for tips and advice on how to get a mortgage
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0 votes Thank Flag Link Fri Sep 30, 2011
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