Financing in Omaha>Question Details

nholles, Real Estate Pro in Omaha, NE

Need preapproval with Credit Score less than 640. Are there any companies that will work with scores between 600 and 640?

Asked by nholles, Omaha, NE Tue Jan 8, 2013

We have the income but some medical bills have pushed our credit scores to below 640. We'd need to do a conventional loan since we already have a FHA loan and will be making that property a rental property. Any advice?

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dana_mebius’ answer
If you are considering living in an area outside of Omaha or Lincoln you can look at getting a USDA rural development loan. They help people with low credit scores and require no downpayment. As long as you live in an area consider "rural" you can speak with someone from the rural development agency about the type of home you want to build, cost, etc. You can learn more about the program at the USDA website: Click on the housing link and then the income and eligibility guidelines. You can look through everything through there, but this is going to be your best bet to get a home as long as you're not living in the Omaha or Lincoln zip codes.
0 votes Thank Flag Link Fri Jan 11, 2013
If you use the right lender, Talk to a broker first that actually has lenders that can first get a 580 score approved and closed. I would recommend the lenders network, if any company can get you a loan they can. I have had clients with under a 600 score get approved and we closed within 30 days... Brilliant real estate minds with a ton of lending contacts.

Good Luck!
3 votes Thank Flag Link Thu Jul 18, 2013
Hello nholles I just wanted to suggest to you a mortgage brokerage company rather than a traditional bank. Some of the best in Omaha include: A-1 Mortgage, Beacon Financial Solutions, and Eagle Mortgage Co. Mortgage brokers work with many lenders and should be able to find somone locally to provide you with financing. I also wanted to inform you that with this being an investment purchase I would suggest working with an expert on real estate investments (such as myself), I also wanted to inform you that I also provide property management services. I would definately love the opportunity to work with you on this purchase and pehaps the management of the investment there after.
Erick F. Gale
NP Dodge Real Estate Sales, Inc
3552 Dodge st.
Omaha, NE
0 votes Thank Flag Link Tue Jan 8, 2013
Hi Erick, do you have any advice for someone with the similar situation but in Lincoln, Nebraska? Also we do not currently have a FHA loan, we are first time home buyers!
Flag Thu Jan 2, 2014
Thank you for your question. I have one of my lenders that I work with who can get people with credit scores of 620 and up financed. They have helped clients of mine who have gotten turned down from other lenders, or have had their deal almost fall apart because the financing fell apart during the underwriting process. If by chance they can't get it done right now, they also have a credit repair specialist that they work with in order to get you there within a matter of months. Feel free to give me a call or shoot me an email and I will be glad to put you in contact with who you need to talk to. After we get the pre-approval process done, I hope to have the opportunity to go to work for you in finding the right home as a rental property for you.

Cory Fuller
Prudential Ambassador
0 votes Thank Flag Link Tue Jan 8, 2013
We have lenders that may be able to help you. Give me an email or text and I'll see if I can help.
Gary Price
Celebrity Homes
0 votes Thank Flag Link Tue Jan 8, 2013
We have lenders that work with borrowers with credit scores from 620 and higher. Going conventional
will make your rate higher with the lower score and if there is mortgage insurance, that will adjust based on your credit score also. If you want to discuss your situation, let me know.


Dennis W Clark
0 votes Thank Flag Link Tue Jan 8, 2013
Thank you for replying Dennis. I have given you a call and your assistant took my message. I hope to hear from you soon!

Flag Tue Jan 8, 2013
Try this lender. I have had excellent results for my buyers.

David Krichmar

Mortgage Banker/Broker #293883

Schmidt Mortgage Company

Approved MCE Instructor



For More Mortgage Info Follow me at Dave's Blog is Voted the #1 Mortgage Company in Houston, Texas. 2010
0 votes Thank Flag Link Tue Jan 8, 2013
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