Home Buying in McDonough>Question Details

Tjwingfi, Home Buyer in McDonough, GA

if you have a credit score below 600 can you still qualify for a mortgage

Asked by Tjwingfi, McDonough, GA Thu May 5, 2011

if so can you provide a list of banks or mortage companies that can help

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This question would be best answered by a mortgage professional. I know the rules change and are different from company to company. I have gotten excellent feedback from a mortgage professional several of my clients use, her name is Pat O'Hara and she has been in this business for over 40 years. If you need further infromation I would be available to provide it. Good Luck and Happy Home Buying!!
0 votes Thank Flag Link Sun Sep 18, 2011
Tjwingfi, it is possible to obtain a mortgage with a score below 600. The real question is what is the mid score ? and do you have a a verifiable rent history ? you can do things like rapid re-score or go to credit karma and see how you can improve your score. or if needed a good credit repair program.
I have 25 + years in mortgage banking and my wife Ellen works for First Choice Bank and would be glad to help you find a way to get the home of your dreams.
0 votes Thank Flag Link Thu May 5, 2011

We may be able to help. You mentioned below 600, typically we will be able to help if the score is above 580. Also, as Juneann mentions, there cannot be any recent bankruptcies or foreclosures in the recent past.
You should also expect to have a 3.5% down payment for the home you are planning to purchase and income that will support a mortgage payment in addition to your current debts.

I would be happy to evaluate your situation and help guide you on what your prospects are for buying today or possibly in a few months if we can improved your credt.

Timothy Brown | Senior Loan Officer
Academy Residential Mortgage, Inc.| tbrown@academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes Thank Flag Link Thu May 5, 2011
Hi Tjwubgfi

Your credit score is only one of the things they use to qualify you for a mortgage. It is major, however they consider things like if you have been a bankruptcy, and how long, it is under 3 years you can not qualify for a mortgage. There are other thing as well if you owe taxes, those would need to be paid.

If every thing else is fine, depending on the lender and if you are going to go FHA, or Conventional . If you need any help I would be happy to suggest some mortgage brokers to you. A mortgage broker is the best person to answer the question.
Web Reference: http://www.juneannlewis.com
0 votes Thank Flag Link Thu May 5, 2011
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