Can I get a mortgage with a credit score of 608 in michigan?

Asked by Kphillips, Woodhaven, MI Sun Dec 18, 2011

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Haig Istambo…, Agent, Rochester, MI
Mon Dec 19, 2011
Hello again,

Email me directly and I can give you a contact that will help you fix the remaining issues that you need to fix in the next few months to prepare you to qualify you for a mortgage.

Email me at realtorhaig@aol.com and I will get that information over to you ASAP.

Thanks again,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes
Kphillips, Renter, Woodhaven, MI
Mon Dec 19, 2011
Haig
Thank you for the information and time!

Andy,
I do not have credit cards. I used a Consolidated Credit Card company to pay them all off. We have two car payments on my report. I have just paid off some of my creditors. I have 3 more to pay off. Just wanted to know what my chances were with the score I already have. Thank you for your time! Do u know of a
0 votes
Andy Hargrea…, Agent, Plymouth, MI
Mon Dec 19, 2011
Probably not.
You should ideally spend the next 2-3 months working with a trusted and cooperative mortgage adviser who will help you properly align yourself so your credit is in optimal position to purchase.

You're not far off -- paying down some limits on your credit card and such may give you the boost you need.
0 votes
Haig Istambo…, Agent, Rochester, MI
Sun Dec 18, 2011
Hello,

To answer your question, no a 608 credit score is not high enough to get a mortgage. You are close to qualifying for an FHA loan. Most lenders are going to require a minimum 640 credit score to get an FHA mortgage loan. This means that your mid credit score, out of all 3 credit bureaus, needs to be a 640 or above.The FHA is a government agency that insures loans provided by FHA approved lenders. FHA approved lenders, especially in today’s market, will only be willing to finance FHA loans with a minimum credit score of 640.

The FHA does require a minimum downpayment of 3.5% of the sales price. Since you are so close, you really should contact a Lender that can work with you to improve your mid scores over the course of the next few months. I do work with a lender that helps and guides you to improve your credit scores to qualify for a loan.

Call or email me for more information and I will be happy to guide you in the right direction.

Sincerely,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes
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