Home Buying in 60415>Question Details

Maytagken, Home Buyer in 60415

middle score 625 can i get a mortage in illinois

Asked by Maytagken, 60415 Mon Sep 12, 2011

Hello my scores are 530 625 630 is there any way to get a mortage in illinois

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3
Hi Maytagken,
There are programs available to buyers down to a 620 credit score, however, we also offer a program that does an analysis of your credit report to see if there are any ways to strenghten your score, ensuring that you qualify for the best rates as well. If you'd like more information, feel free to give me a call.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294
0 votes Thank Flag Link Tue Sep 13, 2011
Most lenders are looking for a 620 or 640 score to qualify, so being that your middle score is a 625 could have options (including us). What is equally as important as your scores though is what is on your credit that has impaired your scores, when it happened, and if it's still past due/owing or not. The most recent 12 months are what is most important, but a lot of loan programs call for 24 months of nearly clean credit history. Late payments (if more than just an isolated incident), charge-offs, non-medical collections, tax liens & judgments that have all occurred in the past 12 months usually will require you to wait until at least that amount of time has passed. Also, make sure you are getting your credit scores from a reliable credit source (such as a mortgage broker or lender) as there are a lot of websites that give consumers scores which aren't the exact same scores that mortgage lenders get.
0 votes Thank Flag Link Tue Sep 13, 2011
You may have some "clean up" work to do, but scores alone aren't the only factor. Feel free to call me and I can refer you to a trustworthy lender who can give you a detailed analysis.
Sue Stalzer
Baird and Warner
630-345-7767
0 votes Thank Flag Link Mon Sep 12, 2011
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