Financing in 14625>Question Details

Davidd73, Home Buyer in 14625

Looking for 203k mortgage, Rochester, NY

Asked by Davidd73, 14625 Tue Apr 24, 2012

when i started looking for a mortgage, had a fico of 596, but has dropped from trying to get a mortgage. Are there any mortgage brokers that can help with out further killing my credit scores?

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Aaron Lazenby’s answer
You will likely have a difficult time qualifying for a mortgage right now. Most lenders will require a 620 middle credit score, some lenders now require a middle score of 640. There are some that "say" they will go as low as a 580 score, but there needs to be extenuating circumstances for the score being where it is to qualify and most likely a lender would require good compensating factors (i.e. substantial down payment, cash reserves, etc) My recommendation would be to work with a mortgage professional that can properly assess your credit situation now and assist you with putting yourself in the position in the hopefully near future. Best of luck!
0 votes Thank Flag Link Wed Apr 25, 2012
Already did. Broker I tried said no, and hit all three credit scores for 9 points.
0 votes Thank Flag Link Tue Apr 24, 2012
Why did Wells Fargo turn you down? Give me a call and I will point you in the right direction. my cell number is 585-233-4119.
Flag Wed Apr 25, 2012
You can try Wells Fargo...
0 votes Thank Flag Link Tue Apr 24, 2012
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