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Paul, Renter in Des Plaines, IL

Buying a condo with bad credit

Asked by Paul, Des Plaines, IL Sat Oct 27, 2012

My credit is about 550 - 600. I been at my job for little less than 2 years.
My wife's credit is about 700 - 750 but her history is very short. (almost 1 year) She has 3 accounts. Cap one and 2 department cards. We usually pay off the balance at the end of every month. My wife has been at her current job for about 2 years.

Based on the info provided... what are our chance of getting approved for a loan.. We looking to buy a place under 150K.

Help the community by answering this question:


Hi Paul, That is a good question, thanks for asking it. I have spoken to one of the loan officers I use to make sure I gave you correct information.

On an FHA approved condo building, FHA would allow you to have a credit score as low as 600 (but not any lower). Fannie Mae and Freddie Mac loans required at least a credit score of 660. Your wife's higher score wilhelp.

Call me and we can move forward. 847-657-3767 Joanne Matik, Coldwell Banker
0 votes Thank Flag Link Thu Nov 1, 2012
Paul- It sounds like You need to get the Mortgage in Your Wife's name- How much money do You have for Your down payment? Call My Cell @ 773-710-7782 and I can explain more about the process so as not to talk about Your financial details over a website- Thanks
0 votes Thank Flag Link Sat Oct 27, 2012
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