Home Buying in Shorewood>Question Details

Katherinek.r…, Renter in Minooka, IL

I have a median credit score of 605. Are there mortgage loans out there for me?

Asked by Katherinek.ross1, Minooka, IL Wed Oct 3, 2012

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Shop around for a mortgage broker, they have access to many banks and private lenders and many different programs. In order to give a mortgage loan, normally lenders take into consideration your employment history, credit history, debt levels and current financial status.

Best of Luck,

Maria E. Cipollone

http://www.Flahomespecialist.com
1 vote Thank Flag Link Wed Oct 3, 2012
Yes you can get approved with a 600! You probably don't need to get your scores up anymore. There are a few Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either.
0 votes Thank Flag Link Fri Aug 16, 2013
That would depend on what type of expenses you have. Contact a mortgage broker as most will pre-approve you with no obigation and at no charge. You will then know what loan amount you qualify for based on your credit and what your interest rate will be. If there are items on your credit report that can be paid off to help improve your score they will advise you. Then find a realtor for the area you want to purchase in to help you find a property. If you are looking for a property in Pinellas County, I would be happy to help you find a mortgage broker and then help you with your Real Estate Purchase.
0 votes Thank Flag Link Sun Dec 9, 2012
Katherine,

There are lenders that I know of that go down to a 600 score FHA. http://www.qualitymortgage4you.com you can fill out a quick prequal and I will have one of our loan officers give you a call asap. Good luck.
0 votes Thank Flag Link Sat Dec 8, 2012
Best to look for a local Mortgage Broker under "Find a Pro in the header of this website. http://www.NaplesRealEstateGuys.com
0 votes Thank Flag Link Wed Oct 3, 2012
Good morning Katherink.ross1,

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Wed Oct 3, 2012
I can certainly put you in touch with mortage lenders who will look at your unique situation and advise you on your options. Many excellent avenues have opened up with the market recovering :)

Best,
Nick Gandhi
Equity Capital Real Estate
(203) 280 3838
0 votes Thank Flag Link Wed Oct 3, 2012
Maybe...give me a call and I can meet with you and connect you with a lender in the area who understands all the local and state down payment assistance and 1st time buyer programs.
0 votes Thank Flag Link Wed Oct 3, 2012
There may be depending on what you have for a down payment. Your best bet is to meet with a local and trusted loan officer who prequailify you at no cost and let you know what is available
0 votes Thank Flag Link Wed Oct 3, 2012
You can get a pre-approval with no obligation and at no cost thru a mortgage broker. There are First Time Buyer Programs that may work for you. We can recommend Brokers in our area.
0 votes Thank Flag Link Wed Oct 3, 2012
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