Financing in Lewiston>Question Details

Jjmendez98, Home Buyer in Lewiston, ID

What if my credit score is a low 600 can I still find financing?

Asked by Jjmendez98, Lewiston, ID Sat May 5, 2012

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3
You will get turned down by many lenders but there are lenders that will still do a loan with a 620 credit score. Find out what is causing your score to be where it is and work on the things that will help improve it. A good Realtor and Lender will help you do this.

Other factors include how much you plan to put down on the home, the reasons for the credit score, the type of loan, your debts, your income, etc.

Best of luck.
Jim
0 votes Thank Flag Link Mon May 7, 2012
Hi again, Jj,

Dan makes good points, however, there are very few lenders willing to risk a new loan with low 600 scores. In my previous answer to you, I mentioned it might be smarter for you to find a good loan officer, and together develop a strategy to improve your scores so you can find a wider choice of lenders willing to lend to you.
We offer such services for no cost nor obligation nationwide.

Best wishes,
Jim
0 votes Thank Flag Link Sun May 6, 2012
Jjmendez,
Possibly, it will always depend on other factors beside your scores, income, job time, assets just to name a few.
Odds are FHA will be your most likely option. This program is more flexible with credit scores, with a low down payment requirement (3.5%) and competitive rates.
0 votes Thank Flag Link Sat May 5, 2012
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