I have a fico score of 630

Asked by Susan, Chicago, IL Mon Nov 2, 2009

My loan officer said that I need at least a 640 to be pre-approved for a 203k loan. Are there any lenders that will pre-approve me with my current fico score.

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5
Susan, Home Buyer, Chicago, IL
Wed Dec 2, 2009
Thank you all for your responses. I finally got pre-approved an I hope find a home soon.
0 votes
Danielle, , Chicago, IL
Wed Dec 2, 2009
What your loan officer told you is probably completely true...FOR THE COMPANY THAT HE WORKS FOR! It has been my experience as a Realtor, that loan officers throw out these arbitrary guidelines and fail to tell the consumer that the same rules do NOT apply across the board. FHA does not even have a minimum credit score requirement! The credit score requirement is driven by the prospective lenders and mortgage brokers. Your credit score is high enough for a 203k loan. I would try another lender!

Best of Luck!
0 votes
Concierge Co…, Other Pro, Bloomfield, NJ
Tue Dec 1, 2009
Tell your loan officer to show you documentation supporting his facts.

Resolve, to answer your 2nd question: YES

I do not suggest an individual to review a fico credit score without also reviewing an individual income and asset(s) with verification.

Take the "INITIATIVE" and do not "WAIT" for instructions.
0 votes
Bradley Egge…, Mortgage Broker Or Lender, Oakbrook Terrace, IL
Tue Dec 1, 2009
Susan,

FHA currently does not legislate borrower credit scores. That being said, most lenders do. Typically, there can be significant increases to either the interest rate or the points charged to do the loan for credit scores lower than 640. I tell you this not to scare you, but to inform you. Right now we have a long-standing relationship with a FHA 203(k) lender that will approve loans at 620 or higher with no interest rate penalties. We have another lender that will go down to 580 with strong compensating factors. If you would like to get pre-approved or have more questions answered, please give me a call. We also work with clients to help them fix their credit so that they can qualify. Additionally, my company has over 10 years of experience originating and closing FHA 203(k) loans.

Bradley Eggers
Loan Originatory
Ardain Mortgage Corp
office: 847-963-1000
cell: 847-744-0168
0 votes
Marcella Coh…, , Chicago, IL
Tue Nov 3, 2009
Hi I'm Marcella Cohen with American Invsco Realty. I work with a team that includes a finance dept working with over 40 lenders, That have a number of diffirent programs available for people just like you. Are you currently working with a realtor? Please let me know I would love to help you find & finance your "Dream" home. To Check out more on me & my Chicago listings visit http://www.ChicagoCityHomeSales.com
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