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Financing in 15370 : Real Estate Advice

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Activity 5
Fri Aug 16, 2013
Andrea Gomez answered:
Yes you can get approved with a 647! You probably don't need to get your scores up anymore. There are Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either. ... more
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Mon Jul 18, 2011
Robert Spinosa answered:

I would ask your mortgage professional to "run findings" on your loan even with the charge off. This is a process whereby the lender can determine if the item will actually have to be addressed in the loan process. There are parameters for occasions where charge offs do not need to be paid or otherwise cleared, and your loan officer should be able to give you more information as it relates to the specifics of your scenario.

Rob Spinosa
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Sun May 1, 2011
Dan Tabit answered:
A broker with FHA or Wells Fargo may be your best bet. I would start however with a copy of each of your credit reports and see if there are ways you can improve your scores. Paying down balances to 1/3 of their limits and disputing any derogatory items which you can prove could raise your scores and improve you chances of getting approved and get you approved for better terms. ... more
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Tue Apr 6, 2010
Anna M Brocco answered:
Not knowing many details of your financiala/assets, etc.--visit with any qualified loan officer(s), see what your budget can handle and check your credit score again--your loan officer may offer suggestions on how to quickly improve your score--Currently FHA loans do require a minimum credit score of 620 and 3.5% down; there may be lenders out there that will work with a lesser score, however the interest rate may be higher. In the meantime work diligently in repairing your credit--pay all bills on time, dispute old negatives, pay off old debt, pay down debt, keep credit cards below 50%, etc. ... more
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Tue Sep 15, 2009
Luke Allison answered:
Bank of America Home Loans does not have a specific minimum credit score requirement for an FHA loan so your scores as a whole would not be a hurdle to gettin you approved. However, your overall credit profile and application would be run to determine your credit worthiness. Medical collections are typically ignored so your goal would be to counteract the negatives with as many positives as possible. It can be a difficult process, I won't lie to you, but I will be more than happy to walk you through it.

If you have any questions, please contact me.
Luke Allison
Bank of America Home Loans
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