Financing in Council Bluffs>Question Details

Tammy, Home Buyer in Council Bluffs, IA

can I get a home loan witha middle credit score of 553?

Asked by Tammy, Council Bluffs, IA Thu Jul 8, 2010

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Hi Tammy

I don't know of any lenders that are currently lending below a minimum 620 FICO. You need to speak to a LO (loan officer) that is knowledgeable in credit restoration to see what you need to do to raise your credit scores. Depending on your situation, it may be something that can be done in a realtively short amount of time. If you're working with a realtor, ask him/her to recommend a good loan officer to assist you. There should be no fee for the consultation.
0 votes Thank Flag Link Fri Jul 9, 2010
There is nothing "middle" about a 553 credit score. it is actually poor. You need to get control and be responsible with your finances and credit before you even think of buying a home.
0 votes Thank Flag Link Fri Jul 9, 2010
Most all loan programs will have a 620 minimum requirements by the lenders. Take a little time and get your scores up and you will have a much bigger selection of loan programs and lenders. You may find a lender that will provide you a loan with your current scores but expect to pay a higher interest rate and fees.
0 votes Thank Flag Link Thu Jul 8, 2010
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