Home Buying in Atlanta>Question Details

germanfemale…, Home Buyer in Atlanta, GA

I want to buy my first home! Credit score 610! I need to get pre-approved! Any Leanders? Temple- Bremen Area!

Asked by germanfemale2002, Atlanta, GA Mon Aug 13, 2012

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Yes you get a loan now.I tell all my clients with lower scores to visit The Lenders Network. They have helped me close many homes by getting clients approved even with scores under a 600 for FHA. They have a few lenders that can go down to a 580 for FHA, so If anyone can get you a loan they can..

Good luck
7 votes Thank Flag Link Fri Aug 9, 2013
Actually, I have made several FHA loans to purchasers with credit scores in the 600 to 610 range over the past few years. Unfortunately, over that short time period, the lenders that have made those loans have had a very poor experience of getting paid back in a timely manner.

So what has happened is that any lender that allows scores under 640 has very specific guidelines on what type of customer they will approve in that range. One thing that is a must is that the applicant have an acceptable and verifiable rent history for the past 1-2 years. And the rent they have been paying needs to be comparable to the proposed mortgage payment for the house they would like to purchase.

Applicants in that range also will probably have to put 5% down instead of the FHA minimum of 3.5%, and I have seen most lenders that allow those scores not allow gifts.

So if you are a homebuyer want to be it is imperative that you figure out what you need to do to plan for the home purchase. It may take a year or two but definitely worth the end result.
0 votes Thank Flag Link Sun Aug 19, 2012
You are SO close to qualifying! I would suggest calling Marc D'Angelo with Brand Mortgage at 404-925-8291. He has a special program called Rapid Rescore. It will allow him to get your credit score up (if possible) to the 640 mark or even better. He'll be able to tell you exactly what you need to do and in a matter of days, you could be on your way to purchasing a home. This is the only one that I know of with this program...give him a call!

Good Luck!

Lisa Allen, CDPE, CRDS, SFR
Short Sale Specialist
0 votes Thank Flag Link Thu Aug 16, 2012
A 610 score tells me A) your credit lines are not quite a year old yet (an FHA requirement). B) your credit card balances are a little higher than 33% of the credit limit. C) you still have a collection reporting recently and the balance is matching the credit limit. D) you don't have enough lines of credit (you need 3 and remember, each one needs to be a year old).
Can you pull it up to 620? The difference in the 2 may be better rate or less paperwork and hassle.
Some other things to know: always use a Realtor. It doesn't cost you anything and can save you thousands of dollars and tons of time.
Always get an inspection (about $350). I don't care if it's brand new. I had a client refuse one on an old house and he didn't have an a/c unit when he moved in. It cost him $2500.
Termite inspection is usually paid by the seller, but not always. Most all lenders require it be done prior to closing.
A Survey (about $300 to $400) tells you where the property lines are. Ask the seller to provide you one. The lender doesn't always require one. My neighbor had to take down her $4000 fence because she had it built on someone else's property.
Buy closer to the end of the year. Doing so means the difference in paying 6 months of property taxes now or 2 months in December.
Slower months in sales occur after school is in session so you have more negotiation power.
Good hunting!
0 votes Thank Flag Link Mon Aug 13, 2012
Check out http://www.HUDHomeStore.com for HUD foreclosures. There was a home with 4.5 acres in Winston for 39900. Looked like a good buy.

0 votes Thank Flag Link Mon Aug 13, 2012
What is a “Leander”?

Seriously, the ball is in your court. Lenders are reaching out to help. Now you have to take the next step and actually contact one on them.

Good luck!
0 votes Thank Flag Link Mon Aug 13, 2012
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months.

Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Mon Aug 13, 2012
Ms. German:

It is most likely do-able. obviously getting a loan is more than just credit score. Only a lender who knows all your financial situation would be able to make that judgement. I work with wonderful lenders who most likely can get you a loan.

Once you get pre-approved, we can schedule appointments to see the properties you are most interested in purchasing. Feel free to review properties on my website (link below).

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Mon Aug 13, 2012
Wells Fargo would be one lender that may be able to qualified you for a loan. Give me a call at 678-613-5636 so we can discuss further. Regina Ambrose, Chapman Hall Realtors
0 votes Thank Flag Link Mon Aug 13, 2012
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