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Bene, Home Buyer in Baltimore County, MD

i have a credit score of 600 and am looking at a hse for 270000 can i get a lender with todays market.

Asked by Bene, Baltimore County, MD Fri Nov 16, 2007

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Bene -
One thing you could consider is a credit restroration program. Our attorneys increase credit scores on average 127 pts in 6 mos. often times sooner depending on the complexity of the issues. email me for more info at thecreditdoc@gmail.com
0 votes Thank Flag Link Fri Dec 14, 2007
With a 600 credit score, you will be limited to 95% conventional financing (unless you can go VA). Even going subprime, you would be looking at 90-95% financing. Best alternative: based upon the amount of time to buy - work on your credit. With a 620 mid score, you can obtain 100% conventional financing. The rate/ mortgage insurance may not be pretty - but 620 is the minimum requirement. Depending on your credit, a 20 point improvement is not that much.

Talk to a local mortgage broker - they should be able to lead you in the right direction.
0 votes Thank Flag Link Thu Dec 13, 2007
Bene:
Do you have any money to put down on the purchase of this house? Most lenders are requiring a minimum credit score of 650 to qualify for a 95/5. Have you spoken with your bank or a lender to see what type of loan you may qualify for?
Web Reference: http://www.northropteam.com
0 votes Thank Flag Link Fri Nov 16, 2007
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