Home Buying in 60435>Question Details

Kimberly Rae…, Renter in Joliet, IL

How long should my husband and I wait to get a small home loan around 100,000 with 10% down and our credit scores are in mid 600's?

Asked by Kimberly Rae Offerman, Joliet, IL Wed Jan 15, 2014

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4
Kim

Why wait? Interest rates are only going to increase slightly and so will prices. Now is the time. You should be able to get a loan under those circumstances.
0 votes Thank Flag Link Wed Jan 15, 2014
You won't have any issues financing a home with 10% down and credit score in the mid 600s proving you income qualify. The typical loan process is between 30-45 days respectively depending on the mortgage broker or lender you choose and of course how cooperative you are. There are companies like us that can go down to 580 on FHA, VA and USDA Products just in case you hit a snag along the way and can't qualify for a Conventional Loan.

Best of Luck!
0 votes Thank Flag Link Wed Jan 15, 2014
Good morning Kim,
In order to qualify for a mortgage loan, the minimum credit score needed will typically be around 640. I would speak with a lender immediately, to have a full pre-approval completed if you are interested in purchasing this year, so you can get a full assessment of where you stand as it relates to purchasing. Please feel free to reach out to me directly if you have any further questions in this regard, I would be happy to help.

Cecelia Marlow
The Federal Savings Bank
Vice President
312-738-6294 direct
0 votes Thank Flag Link Wed Jan 15, 2014
Oh I forgot to add in there how long after filling for bankruptcy? Thanks!
Flag Wed Jan 15, 2014
Normal loan processing times may be about 30-40 days after official application and it varies by lender, loan officer and staff, as well as perhaps your own complicated financials.
0 votes Thank Flag Link Wed Jan 15, 2014
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