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Retired Vet, Home Buyer in Syracuse, NY

i have a credit score of 600, is there any banks that will approve me for a home loan?

Asked by Retired Vet, Syracuse, NY Tue Jul 12, 2011

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i have all 3 credit scores, they are experian 609, equifax 627 and transunion 554. i qualify for a va loan yes but when i applied through wells fargo, i got denied. i was told basically the va loan is just a guarantee to the lender that if i default on the loan the va will pay off the loan and then turn around and sell the house. now this was last month and since i have applied my score went up 42 points. it was around 550 when i applied. give or take of course. and why is my transunion score so much lower. i monitor my reports frequently and dont understand this.
0 votes Thank Flag Link Sat Jul 16, 2011
Hi Retired Vet,

There are a couple of lenders that can finance borrowers with a 600 score but the requirements can be a little more restrictive which makes it more difficult to qualify and limits you to just a few lenders.

If you were to work on raising your scores (with a mortgage professional's help of course) you would have more lenders to choose from and improve chances of getting approved.

As a retired Vet, you really should take advantage of your VA benefits and go for a VA loan.
0 votes Thank Flag Link Wed Jul 13, 2011
Yes there are banks that would lend to you, but if you took a little time you could raise that score and I am assuming you don't have all three scores, so since you know one, the othe two might be worse and this would prove a problem, te banks look at all three major scores, so a 600, 575, and 595 would still only be as good as you lowest score!
0 votes Thank Flag Link Tue Jul 12, 2011
Yes, you are financeable....at least FICO score wise. As importantly, you should be working with a Buyer's Agent, NEVER the Listing Agent(read my Blog),

Joseph Pauldine
(315)591-8517
0 votes Thank Flag Link Tue Jul 12, 2011
My bank First Franklin Financial does applicants with your FICO. We would need to talk to see what mortgage is better for you FHA or VA. A conventional mortgage requires a higher FICO score. I would like to explore your credit report to see if there is anything you need to do to get your score higher.
0 votes Thank Flag Link Tue Jul 12, 2011
Yes, and I would be happy to help get you started in the right direction. Send me an email if you have a problem finding a local mortgage broker who can work with you.

Best of luck,
Zisis
0 votes Thank Flag Link Tue Jul 12, 2011
I know of a mortgage broker who very often finds loans for those who might not otherwise be accepted by many of the more traditional lenders. I agree with the other gentleman who answered by saying you should look into VA loans.
0 votes Thank Flag Link Tue Jul 12, 2011
Check with Wells Fargo, they can do a 600 score with 3.5% down
0 votes Thank Flag Link Tue Jul 12, 2011
Lately we have been able to find some programs that will allow people get mortgages with 580's! It is always better to be above 620 during these times- but you should be able to find a program that works for you.
This article talks about getting a refinance- http://www.brickhomepartners.com/buy-a-home/refinance-things… - it may be helpful.
0 votes Thank Flag Link Tue Jul 12, 2011
Retired Vet,

You'll want to focus your efforts on getting a VA loan and work to find a lender in your area who will accommodate a 600 credit score. There may be a few. You can also consider working with a credit repair service to address the items on your report that are keeping the score down. If you need a referral for either the lender or the credit repair service, please let me know.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Tue Jul 12, 2011
There are some but better to apply for an FHA loan.
0 votes Thank Flag Link Tue Jul 12, 2011
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