Home Buying in 93534>Question Details

Ali, Home Buyer in 93534

Will lenders approve someone with a 597 Fico?

Asked by Ali, 93534 Wed Feb 8, 2012

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Answers

6
Johnny James’ answer
Stranger things have happened. The reasons for your sub 600 score will be important factors. Your debt to income ratio and down payment will need to be stronger to help your low fico score. Good Luck.
0 votes Thank Flag Link Fri Apr 13, 2012
I would suggest repairing your credit first... With a higher score you will qualify for a better rate, be able to finance a higher amount, and put less down payment..

Why start off the hard way, and not get the best loan and rate possible. But all this just doesn't just depend on your Fico score..

It all depends you many factors.

So asking a simple question like this is just not really going to get you an effective answer. I suggest you visit a loan officer or got o your bank and get pre approved. Take your 2 years of tax returns, recent credit report if available, and the loan amount you want to finance. Now you will know at price range houses to look for and what payments you're facing..

If you're a first time home buyer:
Don't forget the property tax
The mortgage insurance - *may apply to some loans but not all
Home owners warranty - at the time of purchase - but may be cancelled next year
Home owners insurance

Ann Grigoryan
(818) 482 4856
0 votes Thank Flag Link Thu Feb 23, 2012
Yes it is possible. But better if you had over 620. Best thing to do is review your credit report with an experienced loan officer and look for small changes you can make to quickly boost your score. I'd be happy to assist.
Web Reference: http://www.socalvaloans.com
0 votes Thank Flag Link Wed Feb 8, 2012
I have an FHA program that you might qualify for. As previously stated, more than credit score is involved but it's possible. I have more information on it in my blog here: http://www.trulia.com/blog/gvd/2011/05/fha_with_a_500_credit…

Contact me and I would be happy to pre-approve you.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Feb 8, 2012
There are other factors besides credit that determine mortgage qualification, such as income, debt, assets, etc.; therefore 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.
0 votes Thank Flag Link Wed Feb 8, 2012
Hello Ali,

The answer to your question is YES. You will have to search for the right lender, and the right loan product. I do have several lenders that you can speak with to determine if you can qualify for a loan.

If I can be of further assistance, please feel free to contact me.

Tamara Stoebe, REALTOR, GRI, e-PRO, CHS, QSC
DRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006
E-mail: Tamara@TamaraStoebe.com
Website: http://www.TamaraStoebe.com
0 votes Thank Flag Link Wed Feb 8, 2012
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