Home Buying in 60638>Question Details

Dkatojr, Home Buyer in ,

Can I purchase a home with an fha loan with a mid score of 604?

Asked by Dkatojr, , Tue Jun 26, 2012

I recently had my credit ran and was told that I'm not yet qualified to purchase a home. I had a middle credit score of 604. Is it best to wait until my credit score goes up?

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Answers

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Yes and no. Getting your credit to go up will give you a better interest rate and improve your chances of getting the home you want. On the other hand, what if it takes you so long to improve your credit that interest rates go up more (maybe not but who knows) and prices increase.

Unfortunately, we only can base judgements and decisions on what we know now. Rates are good and prices are good. I would contact a lender and ask them to do a soft pull or a couple lenders that doesn't report inquiries on your credit, which could reduce your credit and see what they can do. Perhaps a few small changes can elevate your score quickly. Ask them if they have a program which shows what your credit could be with changes.

Also, be advised that consumer credit scores often differ from lender credit scores. So it may be either higher or lower than you are getting. Wells Fargo has an under 620 program. You could start with them.
0 votes Thank Flag Link Tue Jun 26, 2012
You may need to work with someone who will know what you need to do to get your credit score up.
Sometimes there is wrong information and there are some things that you can do.....
Also it will help if you save on down payment money while getting your credit score up.

You need a professional to assist you.


Good Luck to you......
Edith YourRealtor4Life and Chicago and Northern Illinois Expert
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0 votes Thank Flag Link Tue Jun 26, 2012
There is a chance but most FHA Loans that are done in this area require at least a 620 FICO score. That would be in addition to all other factors which include income to debt ratio, salary qualifications for the loan you seek, etc. Best of Luck
0 votes Thank Flag Link Tue Jun 26, 2012
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