Home Buying in Dallas>Question Details

Faith Gates, Home Buyer in New Jersey

My credit score is currently 600, what are my chances for getting pre-approved for a home loan?

Asked by Faith Gates, New Jersey Fri Oct 4, 2013

I am trying to find a lending to approve me for an FHA loan with a low credit score.. Can any Lenders work with bad credit scores?

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With a 600 credit score you would qualify for an FHA loan, I have help hundreds of people with credit scores of 580 and up get an FHA loan. Check out our site we can help you find a lender.
3 votes Thank Flag Link Sat Oct 5, 2013
With your score it is possible to get an FHA loan. For example, I have been able to give out FHA loans with scores as low as 580. Since you are above this, you can work with a lender like myself to get the loan that you need. Another important thing to understand is that credit scores are not the only important factor when it comes to mortgages. Other important factors include your income, expenses, debt, assets, liabilities, down payment, employment, as well as credit scores. I recommend that you speak with a lender like myself that can work with the credit scores that you have. We would be glad to speak with you to help you get the loan that you need! If you have any other questions or need a loan please contact me. I hope this helps and good luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
Faith,
You could always work on repairing your credit then not only would you qualify but you would get a lower interest rate which would make your payment lower. I worked with a company called CreditMend247.com to get mine fixed. I was in the low 500's now I'm in the high 600's and one is even over 700. They did a great job for me.
0 votes Thank Flag Link Wed Oct 9, 2013
Because you have a low credit score does not mean you actually have bad credit . You may have to much credit. and plus if the bad credit is 2 years plus old some lender with have you to write letter of explanation .
0 votes Thank Flag Link Mon Oct 7, 2013
I am surprised by some of the answers of my peers. To qualify for a FHA loan you need a minimum of 640 or better of a FICA score. Some must have not sold houses in the last year or they would know that. So you probably would NOT qualify. However, contact any lender of your choice and get real, hard answers. Then pick any 1 Realtor to get the home you need in your price range.
http://www.tcrdallas.com
0 votes Thank Flag Link Mon Oct 7, 2013
With a 600 score you can possibly get prequalified. I can potentially work with scores as low as 580. You may be better served by working on your credit to see if you can get up to a 640 to have better options.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Sun Oct 6, 2013
I have to agree with Jamuna... If I can help you and guide you in the right direction and help you get into a home with the financing please give me a call


Karen Roberts
214-557-3312
0 votes Thank Flag Link Sat Oct 5, 2013
Faith,

So as not to waste time, your first step is to talk to a lender licensed in your state, find one who is willing to spend some time and work a custom portfolio for you, and put you on the path to pre-approval. Score of 600 is not bad at all, just hold off doing anything else that may hurt your credit and get some guidance.

If you would like a referral for a Realtor, (usually the recommended route), as they will help locate a lender that can work with you based on their client closing experiences, text me your email and a zip code or city so I can try send you some names that specialize in the area, so you can find a best fit.

Good luck..

Jamuna Thill, Texas Realtor
Cell: (972) 814 3682
0 votes Thank Flag Link Sat Oct 5, 2013
My lender is a bad mama jama! If you want an awesome Realtor and the best lender in Texas you should call me A>S>A>P so I can hook you up! I would hate to see you waste your time with amateurs. I kid, I kid. Anyway the #'s (469) 855-9558. Dont forget to check out my website... http://www.TopDoggRealEstate.com
0 votes Thank Flag Link Fri Oct 4, 2013
Yes, you can get approved. My lenders works with some with 580 credit score. Let me know if you need help and I can connect you with them.

Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Fri Oct 4, 2013
1. Get mortgage advice from a lender.... NOT an agent. You got bad advice regarding inquiries.

Multiple mortgage inquiries within 30 days of each other are counted as one credit pull by the FICO score. This is Federal Law!!!

I can even send you proof. Email me for a free book written by the Fair Isaac Co..... The developer of the FICO Score that all lenders use.


2. We have FHA down to 600. A little more difficult to get than loans at 620 or 640+ but still doable.


Let me know if you have any questions.

Tom


Tom Burris
Mortgage Banker
http://www.dallasloanguy.com/
(214) 763-4629 cell/text/nights/weekends(Really!!)
tburris@servicefirstmtg.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Fri Oct 4, 2013
You can I have several investors that is going to a 580 and I have several loans I am working on now .. Just give me a call and I will work with you 214-557-3312.. Also the free credit reports do not have the Mortgage vrebage that is need on the free credit report.. My reports are good for 90 days Just call me and we will talk before anything is done..
0 votes Thank Flag Link Fri Oct 4, 2013
Hi Faith, I have several lenders who work with credit scores around 580. If you would like, send me a message and ill send you a few that you can call and discuss your credit situation with.

Jennifer Garcia
972-827-6989
Jennilydg@yahoo.com
0 votes Thank Flag Link Fri Oct 4, 2013
Faith,
Urgent!!! Don't go on line or authorize any one to pull your credit. If you don't already have your report(s) you can get them free from myfreecreditscore.com and see the items reflecting negatively.
Every your credit is pulled reflects negatively and pulls the score down 2-3 points. Get your reports and then go to a highly qualified loan officer and review. Hopefully, you'll be able to get a positive plan in motion. If you find a lender who can truly get you approved with the current score, and you are happy with the conditions, then fine. But don't "shop" the internet! Those "inquiries" will hurt and can cause a rejection. Lastly, get with a Realtor with lots of professional experience and to help navigate. All the best!
0 votes Thank Flag Link Fri Oct 4, 2013
You should not have an issue. However, you will need to contact a Realtor to refer you to a lender to ensure your debt to income ratio's, among other factors.
0 votes Thank Flag Link Fri Oct 4, 2013
Depends on your ratios and reason for score. A lot of the time a few or even on removal and score can increase enough. There are lenders that will do a loan with that score
0 votes Thank Flag Link Fri Oct 4, 2013
600 is not a bad score by today's standards. In order to really be certain for approval I would suggest trying to raise that score to the 650-700 range. Try to avoid applying for new credit cards or other loans.
0 votes Thank Flag Link Fri Oct 4, 2013
600 isn't that bad of a score. I think 640 is the minimum these days. Pay off some debt (credit cards) but don't close them out. Keep them open, even if the balance is zero and you don't use it. Also, don't have too many credit inquiries, don't order new credit cards or take on new credit. More and more, lenders are mellowing out since refinancing dropped and they still want to make a deal.
0 votes Thank Flag Link Fri Oct 4, 2013
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