Home Buying in 60615>Question Details

Mary Collier, Home Buyer in Chicago, IL

I did all 3 credit score on 6/19/11. Equifax 610,TransUnion 604, Experian 596. What is the credit for buying a home?

Asked by Mary Collier, Chicago, IL Tue Jun 21, 2011

Help the community by answering this question:


Hi Mary:

Please let me know if you are still looking to get prequalified. We work with lenders that allow for scores as low as 580! Please visit our website http://www.smartmortgageinc.com or email me at patty@smartmtgs.net for more information.

I look forward to working with you!

Best regards,

Patty Harrison
Smart Mortgage Center
0 votes Thank Flag Link Fri Mar 8, 2013
You would need to pull a new credit report. 6/11 is just too old. Credit reports are good for 90 days. Perhaps your credit has improved. The credit score is important to determine the interset rate for your purchase. I would be happy to help you secure a mortgage. Joanna Weiss 773-327-3580
0 votes Thank Flag Link Fri Mar 8, 2013
We work with lenders that go all the way to a 580 mid score. Give me a call if you have any questions.
Web Reference: http://www.qmlending.com
0 votes Thank Flag Link Tue Feb 26, 2013
Most lenders will use your middle score - 604. So, you're in a tough situation but not impossible. Work with a qualified mortgage broker. Check your credit report for errors. Pay off any accounts that have a negative impact - especially if they are small $$. You can then pay to have an expedited credit score update. Like I said - tough but not impossible, just needs some work.
0 votes Thank Flag Link Tue Feb 26, 2013
you will get a loan..listen to your LO
0 votes Thank Flag Link Tue Feb 26, 2013
I know Wells Fargo approved me with a 585 using my middle score.Everyone turned me down but them. Check with them.Good luck!(:
0 votes Thank Flag Link Thu Jun 23, 2011

Our minimum score required is 600. The down payment is still only 3.5%, and it can be a gift from a family member if you do not have any money saved up. We do have some rules regarding your credit history which you'll have to meet in order to qualify. I have about 5 or 6 simple questions to ask, so if you'd like to contact me I can have an answer for you in only a few minutes. A full pre-approval will require documentation from you, but let's do step1 before proceeding to step 2. Thanks.

Mike. 708-257-7058
0 votes Thank Flag Link Wed Jun 22, 2011
Hello Mary;

Coldwell Banker Home Loans provides mortgages directly to buyers. Our Loan Officer here stated that for credit scores between 500 to 599 a borrower(s) might qualify with a FHA loan but you will be required to have 10% down payment and the funds must be of your own savings. NO Gift funds are allowed. Also, the borrow must have 2 months of reserves. For credit scores 600 to 612 the borrower(s) will use a FHA loan with 3.5% down and Gift Funds are allowed.

I'm an experienced real estate agent and I work in the South Chicagoland area. I'd be happy to work with you. Please contact me if you would like to discuss further opportunities at 708-922-4165 or better cedric.hampton@cbexchange.com.

Thanks For Your Inquiry;

Cedric Hampton
0 votes Thank Flag Link Wed Jun 22, 2011
Hi, Mary;

Typically lenders want a 620 middle score, but a 640 or higher will give you more options. I would recommend repairing your scores before looking to buy. You're not that far off and to be honest, the better your scores the less hassle you will have in underwriting. if you have any questions please feel free to contact me me and I will be more than happy to guide you to a good credit repair company.
0 votes Thank Flag Link Wed Jun 22, 2011
Dear Mary, you may get a loan. Please contact me @ 773 551 6554 or tatiana@conlonrealestate.com
Best regards. Tatiana Perry
0 votes Thank Flag Link Wed Jun 22, 2011
Its a pretty low credit score, but you may be able to get a loan. Let me know if you need a lender, I can refer one to you. They would be able to tell you what you can afford.
Web Reference: http://AmericorpRe.com
0 votes Thank Flag Link Wed Jun 22, 2011
What has made these scores so low? you need to work on them if you want any decent rates!
0 votes Thank Flag Link Wed Jun 22, 2011
believe it or not.. those score are low.. and not going to get you the best rates or the highest loan to values.. there can be lots of reasons but in the end you can get a loan and you might even get a 97% mortgage.. go to my website below and contact me..I have the best lenders in ... well in the universe. please mark as helpful also and.. buy yourself a delicious morning pastry while your at it..it's summer time a know
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Wed Jun 22, 2011
Dear Mary:

You are best to visit a mortgage banker or financial institution that will actually underwrite the loan not a middle person such as a mortgage broker. There are many other factors that can inpact lending decisions.

Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 – David mobile
646-318-5031 – Bonnie mobile
davidrogoff@fillmore.com – E-mail
0 votes Thank Flag Link Tue Jun 21, 2011

I'm a lender in Chicago and an expert in FHA. Call me or visit my website for a free pre-approval. I have a couple programs for you.

Alexander Romo
Senior Vice President- FHA Specialist
Direct 312-738-8430
0 votes Thank Flag Link Tue Jun 21, 2011
Sally is right on. There is more to it than credit score. I am a lender and we have an investor that will go down to 600, but with significantly tighter standards for assets and debt to income.

The bigger question is where did you get your scores from. Unless a mortgage person pulled your scores, what you have is meaningless. The scores you get from freecreditreport.com, annualcreditreport.com, and the like are not accurate because they use a different scale than the ones used by the credit bureaus for lenders. If you obtained your credit scores from ny of these sources, your true scores are likely even lower.

Your best option is to contact a lender, go through the preapproval process, and follow his or her advice if your scores are not high enough or you don't qualify for other reasons.

Bradley Eggers
Senior Loan Originator
Midwest Equity
NMLS #: 222407
0 votes Thank Flag Link Tue Jun 21, 2011
Hello Mary, I work with lenders that can write FHA loans with a FICO scores at 580. Your middle score is 604 so you may qualify. I'm not sure if my lender can write loans in Chicago, but you can contact him and he'll guide you in the write direction.

You can reach out to me through my profile.

Best of luck!
Web Reference: http://www.ajsocalteam.com
0 votes Thank Flag Link Tue Jun 21, 2011
Most lenders require 625 credit score

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Jun 21, 2011
Talk to a local mortgage broker or lender and find out. I've been hearing the minimum is 640...but it all depends. What's your down payment like? What's your debt to income ratio like? There's more to it than credit score.
0 votes Thank Flag Link Tue Jun 21, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer