Infamous1uck, Home Buyer in Milwaukee County, WI

my credit score is 607. i found a house for 63000. i have 6000 to put down. will i get a loan?

Asked by Infamous1uck, Milwaukee County, WI Wed Mar 2, 2011

i have a steady job for 8 years now..no car payment..no credit cards...my wife alslo works full time...our total monthly income (after tax) is $3,000

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6
Absolutely confer with a Lender. In reading your question it says you have no credit cards or payments. This actually may negatively affect your FICO score(light credit). Recent payoffs or installment loans that were paid, credit cards paid on time is a very positive influence on your credit score!
0 votes Thank Flag Link Thu Mar 3, 2011
Infamous,

You may want to try Wells Fargo. I just read that they have lowered their credit score minimum for FHA loans to 500. According to the article scores of 500 to 579 require a 10% down payment, scores of 580 to 599 require a 5% down payment and scores above 600 can still make the minimum 3.5% down payment. With your score of 607 you would not have to put your full $6000 down.

I do have a very nice home listed not much higher than the home you've found for $63,000 and would encourage you to definitely shop around before you make your final purchase decision. My home is in the area of 57th & Carmen on the northside...$79,900 is the asking price...its move in ready.
0 votes Thank Flag Link Thu Mar 3, 2011
A good Mortgage Broker is the best way to go for you. If they can not qualify you they can tell you what you need to do to get qualified within 6 months. There are still some great loan programs out there back by uncle sam. Not sure how long that will last so act now.
0 votes Thank Flag Link Wed Mar 2, 2011
Yes, it sounds like you can do it! Just call a good loan officer and start the process.
0 votes Thank Flag Link Wed Mar 2, 2011
There are many lenders that will be able to get you a loan with a 600 score. With your history of work and small amount of debt, you should qualify. What you need to do is contact a few lenders and see what you qualify for. If you need the mnames of some lenders, please feel free to contact me any time.
0 votes Thank Flag Link Wed Mar 2, 2011
Most lenders will require a 625 + credit score.

Recommend confer with mortgage broker COMPLETE loan application determine if you qualify purchase a home

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Mar 2, 2011
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