- Hi !
-
•
My Trulia
- Create an account (FREE!)
- • Help
- • Log out
- • Log in
Home > Trulia Voices Home > Illinois > Cook County > Chicago > Home Buying > Question
Trulia Voices—Chicago
Ask a question
Browse
- Trulia Voices Home
- Q&A
- Agent2Agent
- Using Trulia
Search
Email me when:
RSS
close [x]
Share this:
I have a Credit Score of 615, and I am looking for loan and a home or condo? Can anyone help me with for real?
information/resources to finally get a home in Chicago, IL?
Thu May 8 2008, 09:28 - Chicago - Home Buying - 11 answers
|
|
||||||||
| Answers (11) | ||
| Show me: Recent Answers Oldest Answers Highest Rated |
|
|
| Staci Wolff was FIRST TO ANSWER | ||
|
BEST ANSWER
FHA sounds like it would be viable option for you. However, even with a 615 credit score it may not be impossible to obtain a conventional mortgage. Your credit score is only part of the equation. With an appropriate down payment, debt-to-income ratio and solid work history a 615 score can be tolerated. It may increase your interest rate slightly but it's definitely worth checking into if the other factors are promising.
Thu May 8 2008, 20:17
|
|
||||||
|
BEST ANSWER
Did you find your FHA loan?
http://localism.com/article/114283/FHA-Loans-back-in-style-for http://portal.hud.gov/portal/page?_pageid=33,717621&_dad=por… Thu May 8 2008, 18:37 Web Reference: http://GregZaccagni.com
|
|
||||||
|
BEST ANSWER
Cheryl, New lending requirements have made it harder for buyers to get into the market. Fortunately there are still many available options for those who can truly afford to purchase a home. I suggest you look into FHA Lending. With an FHA loan your credit score is not as important. Your income and debt ratio carry the burden of proof. I hope this information helps you. I have a few friends in the Chicago area, so if you need some referrals be sure to give me a call or shoot me an email. :-)
Cindy Nina-Soto Thu May 8 2008, 10:38 Web Reference: http://www.NinaSoto.com
|
|
||||||
|
BEST ANSWER
Cheryl, it really depends on where you live. I would definitely check with your Realtor to find a good loan officer to give you their opinion after checking your credit. ;-) I hope this is useful.
Thu May 8 2008, 10:30
|
|
||||||
|
BEST ANSWER
Hi Cheryl,
I just sold a home to someone with a credit score of 515 - they went FHA. The owner assisted them with their downpayment. This is a great time to buy as most sellers are willing to help the buyer get their financing. Interview your local lenders and see what FHA products they have - then pick the best one that is tailored to your needs. Cindy Thu May 8 2008, 10:19
|
|
||||||
|
BEST ANSWER
Cheryl, contact Jeff Belonger, The FHA Expert.com He can do loans of any kind and he specializes in FHA. FHA is not credit driven, as far as qualifying. If you have 1 year of one time payments or alternative credit, you may be fine. There are also possibilities of little or no cash out of pocket. Good luck.
Thu May 8 2008, 10:10 Web Reference: http://www.mesquitehomesandcondos.com
|
|
||||||
|
BEST ANSWER
Cheryl, there are many options out there for someone like you. What I suggest first is to speak to a lender and discuss your financial situation. I can reccomend some great people that are helping people just like you. After we have a game plan together I will help you find the perfect home in your price range. Please contact me at staci@staciwolff.com orhttp:// www.staciwolff.com to discuss your options!
Thu May 8 2008, 09:36
|
|
||||||
|
BEST ANSWER
give me a call, and I can get you in touch with a Real Estate Professional closer to your area, that can help you connect with a lender, as well as the perfect home to fit your needs.
Thu May 8 2008, 09:34
|
|
||||||
|
BEST ANSWER
Your best bet is to find a local lender who can help you with FHA financing. Your credit score is not too low for financing, however, to secure a conforming loan, would bring you a higher rate.
Good Luck! Thu May 8 2008, 09:34 Web Reference: http://homeownergonemad.blogspot.com
|
|
||||||
|
BEST ANSWER
YES
I'm in California but I know it can be done in Chicago. I'm not looking to get business off of you nor will I profit in any way from telling you who does it, but it can be done and with fixed, below market interest rates. Email me because I do not want to post the information publicly, but I'm sure I can help. Email me and I will send you the link and tell you all you need to know. Thu May 8 2008, 09:34
|
|
||||||
|
BEST ANSWER
FIRST ANSWER
Cheryl, the first thing you have to do is speak to a lender and discuss your finanial options. Once you do that I would be happy to assist you in finding the perfect home in your budget. Please contact me at staci@staciwolff.com orhttp:// www.staciwolff.com. I can also reccomend some great lenders that will give you a clear understanding of your situation.
Thu May 8 2008, 09:34 Web Reference: http://www.staciwolff.com
|
|
||||||
[+] Save this question
Send this question to a friend
Check out more Home Buying questions in Chicago...
Answered Wed May 14 2008, 21:39 by Don't Buy in 60610
Answered Mon May 12 2008, 18:22 by Kristin Collins in Near North Side
Answered Sat May 10 2008, 19:13 by Don't Buy in 60622
Answered Sat May 10 2008, 09:41 by Dorthy Pastorelli in 60657
Answered Sat May 10 2008, 09:35 by Jeff Kropp in Lakeview
Company Info
Partners
Trulia Links
Legal
- Terms of Use
- - General
- - Agent Featured Listings
- Privacy Policy
- Community Guidelines
- Contact Us
Residential Real Estate
San Francisco real estate | New York real estate | Los Angeles real estate | Orlando real estate | Miami real estate | Philadelphia real estate | Phoenix real estate | San Diego real estate | San Jose real estate | Chicago real estate | Arizona real estate | California real estate | Florida real estate | Illinois real estate | Massachusetts real estate | New Jersey real estate | Pennsylvania real estate | Texas real estate | Other local real estate | Home price maps
Copyright © 2008 Trulia, Inc. All rights reserved. |
Fair Housing and Equal Opportunity logo Fair Housing and Equal Opportunity