Home Buying in Chicago>Question Details

Cheryl Kenne…, Renter in Chicago, IL

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?

Asked by Cheryl Kennedy, Chicago, IL Thu May 8, 2008

information/resources to finally get a home in Chicago, IL?

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Answers

25
Dan Lipton’s answer
Hello Cheryl,
This is a good question. Many people have had their credit banged up some during these last couple of tough years in our economy. You are not that far away from gettig to the 640 Credit score to be able to qualify for a an FHA loan. I work with many FHA buyer in the Chicago area. I just had one of my buyers close about two weeks ago on one.
i work closely with a loan office at Wintrust Mortgage, he worked through the process with my buyer to get his credit into a range in which he could qualify.
please call or email direct and we can discuss, my team of lenders and attorneys will get you moving forward.
please do not hesitate to call or email me.

Dan Lipton
@properties
773-988-3299 mobile
danlipton@atproperties.com

check out my website at http://www.atproperties.com/danlipton

hope to talk to you soon.
0 votes Thank Flag Link Wed May 30, 2012
I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can, their service is free.
1 vote Thank Flag Link Fri Jul 26, 2013
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
Web Reference: http://www.NinaSoto.com
1 vote Thank Flag Link Thu May 8, 2008
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.
1 vote Thank Flag Link Thu May 8, 2008
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0 votes Thank Flag Link Tue Sep 1, 2015
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0 votes Thank Flag Link Mon Jul 20, 2015
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0 votes Thank Flag Link Mon Jul 20, 2015
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0 votes Thank Flag Link Mon Jul 13, 2015
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0 votes Thank Flag Link Fri Mar 6, 2015
Do you need a Loan?
Are you looking for Finance?
Are you looking for a Loan to enlarge your business?
I think you have come to the right place.
We offer Loans at low interest rate.
Interested people should please contact us on
For immediate response to your application, Kindly
reply to this emails below only:
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LOAN APPLICATION INFORMATION FORM
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Middle name:
Date of birth (yyyy-mm-dd):
Gender:
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Which sites did you know about us.....
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0 votes Thank Flag Link Fri Mar 6, 2015
You should be able to get funding with your credit score although the interest rate may be a little higher than if your credit rating was A++.. What I usually tell my clients is, If you want to improve your score you should take out a credit card and spend consistently the same amount on it each month and paying it off on the same date each month. Only spend around 70% of the credit limit each month and never get tempted to max it out. You should see your credit score jump within 6 months. Lenders want to judge your repayment habits. After that get pre approved with a lender and then go shopping for your new condo.

Good Luck!

Barry
0 votes Thank Flag Link Wed Dec 11, 2013
640 is the bottom score (again with few exceptions) that lenders will permit. Below a 640, then you’re in a world of hurt. Even at 640, people consider you a higher risk that other folks and are going to penalize you or your borrower with a more expensive loan. 720 is when you really start to get in the “as a lender we love you” credit score. 740 is even better. Watch your credit scores carefully. You have three credit scores and the lender will take your middle score.
FHA Mortgage Loans currently requires 3 years removal from a foreclosure or short sale and 2 years on a bankruptcy with good reestablished credit.

Fannie Mae Mortgage Loans currently requires 4 years removal from a bankruptcy, and 7 years on a foreclosure.

VA Mortgage Loans currently requires 2 years removal from a bankruptcy or foreclosure with good reestablished credit.
USDA loans require 3 years removal from bankruptcy and foreclosure with good reestablished credit.


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0 votes Thank Flag Link Wed Dec 11, 2013
Most lenders require a 640 score now for FHA.
0 votes Thank Flag Link Tue May 29, 2012
Yes, you can get an FHA mortgage with that credit score. You may be able to get a conventional mortgage also, but may not be eligible for PMI though. FHA was never FICO-Drven until this year. Most lenders won't do an FHA anymore with a credit score of less than 580. Flagstar Bank will do FHA's at 550 or better. So you are still in good shape. I don't know what the rest of your application looks like, but I've been writing FHA loans now for over 19 years and can answer most of your questions. Visit my web site.
0 votes Thank Flag Link Mon May 19, 2008
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.
0 votes Thank Flag Link Thu May 8, 2008
Web Reference: http://GregZaccagni.com
0 votes Thank Flag Link Thu May 8, 2008
Do you need a Loan?
Are you looking for Finance?
Are you looking for a Loan to enlarge your business?
I think you have come to the right place.
We offer Loans at low interest rate.
Interested people should please contact us on
For immediate response to your application, Kindly
reply to this emails below only:
mohamendloanservice@gmail.com

Please, do provide us with the Following information if interested.
LOAN APPLICATION INFORMATION FORM
First name:
Middle name:
Date of birth (yyyy-mm-dd):
Gender:
Marital status:
Total Amount Needed:
Time Duration:
Address:
City:
State/province:
Zip/postal code:
Country:
Phone:
Mobile/cellular:
Monthly Income:
Occupation:
Which sites did you know about us.....
mohamendloanservice@gmail.com

http://mohammedloanserviceplc.gnbo.com.ng
Flag Fri Mar 6, 2015
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
0 votes Thank Flag Link Thu May 8, 2008
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.
0 votes Thank Flag Link Thu May 8, 2008
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 or http://www.staciwolff.com to discuss your options!
0 votes Thank Flag Link Thu May 8, 2008
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.
0 votes Thank Flag Link Thu May 8, 2008
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!
0 votes Thank Flag Link Thu May 8, 2008
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.
0 votes Thank Flag Link Thu May 8, 2008
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 or http://www.staciwolff.com. I can also reccomend some great lenders that will give you a clear understanding of your situation.
Web Reference: http://www.staciwolff.com
0 votes Thank Flag Link Thu May 8, 2008
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