Bettina Shil…, Renter in San Marcos, CA

What are the chances of purchasing a home with a credit score of less than 600?

Asked by Bettina Shilling, San Marcos, CA Sun Sep 23, 2012

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You have a chance at 600 but it's much more difficult and the interest rate will not be as good as if you got your score above 620. There are many quick fixes and changes that can be done to bump a credit score up 20 points. Give me a call if you would like to go though your credit score with me.
0 votes Thank Flag Link Sun Sep 23, 2012
On this, you really do need to sit down with a loan officer personally. The lender will review your entire financial picture and then tell you what's possible.
0 votes Thank Flag Link Sun Sep 23, 2012
If you have cash or a large down payment your credit score is probably less important, if you need a
loan your credit score will come in, and you may have to contact several lenders, and then it depends
much also on the reason for your score, your income, savings and other responsibilities you have
like outstanding credit card balances, car payments etc.

Sit down with several loan officers and see what your options are, as all of your financials and income
will come in place, not only whether you will get a loan, but also how much you can borrow, i.e.
what the purchase price of homes you can consider to buy would be.

So go step by step...... First find out if you get the loan (and you may have to pay points!), and how
much down payment you have liquid, and how much you can borrow, which then influences the
price and type of property you can look at with a Realtor.

Make sure that you get a pre-approval letter from a lender and I wish you good luck

Hope some of this information will be helpful to you.... And please do not look for a home on your
own make use of a local experienced Realtor to guide you through the entire process!!!!!!!
Their service is free as they usually are paid by the seller's side at the closing if you buy a property
listed in the multiple listing service by a Realtor/Brokerage.... Make sure you select a REaltor who
fully understands your situation and your needs AND PLEASE BE COMMITTED TO ONLY ONE
Realtor/Buyers Agent who then in turn will be fully committed to YOU.

Good Luck!
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- or Check out my website at htttp://
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Sun Sep 23, 2012
Purchasing a home there is no problem with a less than 600 score. Getting a loan to purchase to purchase a home a home with a less than 640 score now there is the rub. There are a few lenders in my area that will go to a 580 but require additional overlays on the loan.
0 votes Thank Flag Link Sun Sep 23, 2012
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