Home Buying in 46410>Question Details

jkozak815, Home Buyer in Merrillville, IN

Is it possible to receive a mortgage with a credit score of 598 (Trans Union) Vantage (619)?

Asked by jkozak815, Merrillville, IN Fri Feb 14, 2014

Is it possible to receive a mortgage with a credit score of 598 (Trans Union) Vantage (619) at present our rough credit is mostly medical. We have always paid our rent (more than a mortgage would be for us at present). We just need someone to help us find a home for our family and help us with this process. We are not looking for an expensive home…I make around $55k and we are just looking for a 30 to 65k loan.

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You are within striking distance of qualifying for a mortgage. You can raise your score by focusing on the methods to increase your score. I have a contact who helps with this by advising what to do. Deposit this much in this account and don't touch it....apply for this gas card and use it this much and pay so and so. It is possible to raise a score by 50 points over 6-12 months!

If you are at 620 and make less than $72,000 you may qualify for a down payment assistance program that is FHA approved. Buy a home for 1/2 % plus closing costs. Pretty amazing!
1 vote Thank Flag Link Fri Feb 14, 2014
Since there are other factors involved in determining mortgage qualification, for a personalized answer visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Most lenders prefer a 640 score, however there are some willing to work with less....
1 vote Thank Flag Link Fri Feb 14, 2014
Hi. You are very close wih your credit score if not even being there. The best think now is to get together with a loan officer. They would look at your situation, free, and advise you what to do in order to get pre qualifid to purchase a home. I have a name and number if you like to move in that direction.
0 votes Thank Flag Link Fri Feb 14, 2014
I would deeply appreciate any help that you can offer. About two years ago we were not even able to secure a car loan. We had some very nice people find us financing which has helped our credit a lot….we have never missed a payment. Our credit score was not from being irresponsible but from medical choices that had to be made and choices some people do not have to even consider. We have done a lot to help our score since then and are just looking for some stability for our children.
Flag Sat Feb 15, 2014
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