Financing in 60062>Question Details

Alm751, Home Owner in 60062

550 credit score chicago payoff balloon loan

Asked by Alm751, 60062 Tue Nov 8, 2011

I have to pay off a ballon loan and my credit score is 550. I live in a suburb of Chicago. Where can I get a loan?

0 votes Share Flag Financing in 60062

Help the community by answering this question:


As you can see from the responses below, and you probably already knew some of it.....
You can and should try to improve your credit score.... and connecting with an experienced local
loan officer would be a perfect first start. If you need recommendations just contact any one of us
as all of us have met many experienced loan officers.

Good Luck to you!
Edith YourRealtor4Life and Chicago and Northshore Expert
0 votes Thank Flag Link Tue Nov 29, 2011

Our company, Baird & Warner, has an exceptional mortgage department. If you'd like to speak with one of our mortgage consultants at no charge and with no obligation, I could help you make that connection. This has nothing to do with me as an agent, so I'm not making a referral for a fee. However, it sounds like you could use some high quality advice--and again, there's no charge. Please let me know if you'd like me to help you get valid answers to your lending questions.


Dayle Lively
0 votes Thank Flag Link Tue Nov 8, 2011
You need to work on your credit. Go to your local nonprofit housing group for credit counseling. They will go over your credit report with you. The counselor will tell you what you have done wrong and how to correct it. If you have a late on your mortgage in the last 12 months forget about getting a refinance.
0 votes Thank Flag Link Tue Nov 8, 2011

Unfortunately 550 isn't high enough to obtain a loan.
Depending on your equity position you may be able to get a hard money lender to lend to you.
Most lenders require a minimum of 620 credit to get a loan.
If you need assistance with raising your credit I might be able to help with that.

Good luck,
Steve Smither
Senior Loan Originator
Midwest Equity Mortgage
0 votes Thank Flag Link Tue Nov 8, 2011
I would start calling around but I haven't heard of any lenders giving out home loans with a 550 credit score these days.
0 votes Thank Flag Link Tue Nov 8, 2011
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