Home Buying in Indianapolis>Question Details

Brit, Other/Just Looking in Indianapolis, IN

My husband has a credit score of 610, what are our options for finding a mortgage?

Asked by Brit, Indianapolis, IN Thu Feb 7, 2013

We need someone who can look at the bigger picture that includes his income, my credit score of 720 and my income and the fact that our rent is more than enough to cover a mortgage. Our bank said no due to his score alone and I don't want to keep applying and getting inquires on our credit score.

Help the community by answering this question:

Answers

13
Pam Hornett’s answer
Brit, You are not alone, there are many people in your same shoes. Bottom line, yes this can be done and you've come to the right place! Send me an email and I will put you in touch with a lender who will be up front and honest with you about your situation and will talk with you prior to pulling your credit score again. Bonus is, that if the lender finds that you need to do a little work on your scores, then she'll gladly offer you advise on what to do and not to do to improve your score. Banks will often say no to a lower than prime score, but there are lenders out there who are willing to stretch it a bit. My prefered lender is local, really knows the mortgage world top to bottom and will listen to your scenario before going further and pulling scores for the fun of it.

Pam Hornett, pamh@talktotucker.com 317-938-0147
0 votes Thank Flag Link Mon Feb 11, 2013
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
6 votes Thank Flag Link Tue Jul 16, 2013
I have a mortgage broker who can get credit scores down to a 580 approved. Get in touch.

Avery Garrett
Coldwell Banker Kaiser
Mobile: (317) 721-227
http://www.SoldByAvery.net
http://www.facebook.com/SoldByAvery
0 votes Thank Flag Link Tue Dec 31, 2013
I have been told this before. My credit has been stuck at around 600 for 2 years or more. I have paid off a car, some student loans and nothing seems to help. I make over $90k a year and pay $1900 in rent a home loan for a $200k house is cheaper per month but yet no one will lend me the money. I am a veteran of Iraq and the VA says I need more credit history. This is really beginning to drain on me. If you can actually pull it off you will be giving my wife and I a huge peace of mind.
Flag Thu Nov 13, 2014
Have a similar situation I filed bankruptcy back in September of 2012 but since I've gotten two major credit cards and slowly rebuilding my credit, I'm looking to buy a home possibly in April or May in Buffalo New York, my current credit score is 610 help, able and willing to put between 6 and 10 percent as a down payment...seems like being a business owner of a small as Corp in New York is hurting me too..traditional lending doesn't want to work with me...any one able to assist???
Naomi, Buffalo Ny
0 votes Thank Flag Link Sun Dec 15, 2013
You need at least 3 years from the time your Bankruptcy was discharged in order to apply for a Mortgage. Unless you have a minimum of 20% down payment.
Flag Fri Jun 13, 2014
When I applied for my first loan my personal bank said no but a lending company said yes. So I don't work with the bank anymore. They seem to always get the best out of the deal. Call my Realtor Jamelle Walker. He will work with you like he worked with me. My score was 545 and I got a loan!

Jamelle Walker
317-453-0917
jamellewalker2002@yahoo.com
jamellewalker.kwrealty.com

He is great at what he does, he can work wonders.

Best of luck to you and yours.
0 votes Thank Flag Link Sun Jul 7, 2013
Brit, for quite a while (and only until recently) a credit score of around 630 was the lowest accepted for loans, but new changes have helped lower that accepted score down to 580, so it is very likely that your husband could now qualify for a loan, especially since you have a 720 score.

If you would like me to refer to to some lenders who would be happy to talk with you, please send me an email, text or give me a call. I would be happy to help you and your husband find a good lender.

Julie A. Barnett, jbarnett@prudentialindiana.com, 317-847-0055.
0 votes Thank Flag Link Mon Feb 11, 2013
Brit,

We offer a no document loan that requires 35% down. We don't pull credit or ask you for any financials. This could be a temporary solution for you until you get your credit fixed. Please let me know if you'd like any more information.

Thanks,

Ted
512-334-1481
0 votes Thank Flag Link Mon Feb 11, 2013
I am currently working with a couple where both their credit scores are 580. They were told no way by many lenders until I introduced them to the appropriate people. I know a lender who has a program that would have no problem in helping you guys out at a competitive rate. Just let me know. Thanks
0 votes Thank Flag Link Fri Feb 8, 2013
I know someone you can talk to who only recently started working with people as low as 580. Before that, about the lowest they would go was maybe 620-630. Let me know if you would like the person's name and information and I would be happy to forward it to you.

It sounds to me like you and your husband shouldn't have too much problem getting pre-qualified, but since I am not a finance professional myself, I would suggest you talk to someone who is. I know of a couple very viable options.

Again, let me know if you would like for me to forward this information to you.
0 votes Thank Flag Link Thu Feb 7, 2013
I would love to help you. My specialty is 580+ credit score FHA loans with only 3.5% down.
Feel free to apply online at http://www.rhlapps.com/kjones or give me a call.

K.C. Jones
RH Lending
214-432-0486
kjones@rhlending.com
0 votes Thank Flag Link Thu Feb 7, 2013
I've got a lender who might be able to work with you - and he's local. You're
smart to hold off on pulling scores and talking to banks who can't help.
Call me and I'll give you my lender's info.

Thanks for asking,

Marita
317.513.4652
0 votes Thank Flag Link Thu Feb 7, 2013
I just closed on a new construction home with a couple who had 620 & 640 scores. You can still get a competitive rate with your scores. Call me 317-697-9340. Thanks
0 votes Thank Flag Link Thu Feb 7, 2013
My best advice it to stop having your credit run until you can find a lender who specializes in FHA loans that go down to 600 or my best recommendation is to read my blog about credit. It has helped many people get their credit scores up. The sweet spot is 640. If you can get your score raised to this point, you'll be good to go with any lender. There are things that you can do that will FOR SURE bring up his score. You just need to read, and at the end of this article, there are additional blogs that I am sure can and will help you.


Best of Luck!

http://www.trulia.com/blog/george_raymondo/2012/03/no_credit…
0 votes Thank Flag Link Thu Feb 7, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer