Hello , I was wondering if there is a lender out there that deals with not so perfect credit. The scores are 598, 623,678..

Asked by Mishelle, Fri Apr 27, 2012

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Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Fri Apr 27, 2012
Hi Mishelle,
For almost 2 years now, the industry minimum credit score for an FHA mortgage has been 640+. Prospect Mortgage is one of the few lenders with an FHA 580-639 FICO program. To see if you might qualify, you cansubmit a request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:  http://www.rodneymason.com
2 votes
Thanks for the info. Rodney. This is actually for my husband. He makes around 110/yr not including his yearly bonus and his monthly expenses are about 1500/mo. He has a tax lien of around $14000 but he is current on the payments over several months and the IRS is currently processing a payment of $10800 that has not been processed through the IRS system. The only other thing on his credit is a $700 bill from NC that we have no clue what it is and are currently disputing that information now. We are currently living in the home we'd like to purchase and are trying to obtain financing...do you think this is doable?
Thanks for your advice.
Flag Fri Apr 27, 2012
Gerard Dicks…, , Fulton County, GA
Fri Jun 29, 2012
620-639 credit score programs requires additional qualifying that above 640 does not require. Additionally, the higher the score the more down payment assistance programs the borrower
most likely would be eligible for and less scrutiny from the underwriter. These days, keep it
simple..... take the time to get the higher credit score and increase your close ratio to 100%.
I love scenarios so feel free to contact me further at:
Gerard Dickson, Atlanta Ga.
Sr. Mortgage Banker
LoanSouth Mortgage
(678) 478-2838
Apply Online: http://www.loansouth.com/gdickson
Competitive interest rates, local seasoned underwriting, never miss a closing date!
1 vote
Gregorio Den…, , San Diego, CA
Fri Apr 27, 2012
Virtually anyone should be able to assist you with those scores and the FHA minimum credit score is not 640 and has never been 640; it's 500.
1 vote
In the GA market, most every lender is at a 640 minimum FICO for FHA for the last 2 years. A few can go down to 620+ and VERY few can go to 580+. All lenders have credit score overlays to HUD's guidelines. You wont find a lender in GA doing a 500 FICO even though HUD will technically allow it
Flag Sat Apr 28, 2012
Tina Lam, Agent, San Jose, CA
Fri Apr 27, 2012
With those credit scores, you should be able to qualify for an FHA loan. Almost all the large banks will handle that type of loan.
Web Reference:  http://www.archershomes.com
1 vote
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Sat Apr 28, 2012
Gregorio is spot on! Wells Fargo will go as low as 500 but the pass through ratio is 1%.
I hate to disappoint you, but 620 is the perfect score for FHA. Oh no! You qualify! No collections over $5000 through July 1. After that date it drops to $1000 max. You will have to show proof of rent for 12 months unless you tell the loan officer that you live with relatives. Minimum down is 3.5%. Rate is same as someone with 750 scores. Debt to income ratio max around 45%. You can dispute accounts but they have to be resolved before closing.
Need 3 lines of credit at least 1 year old each and active within the last 12 months.
Every lender is different, so check with the loan officer about their guidelines. I can go to 580. You don't want to do that. Trust me. It ain't easy with that score.
620 also affords you GA dream down payment money.
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sat Apr 28, 2012
It might be possible if timely payments are being made to the tax lien. If so, the IRS will generally subordinate to a mortgage. You would have to submit a Pre-Qualificaiton request at http://www.rodneymason.com for me to really be able to determine your actual options.

You cannot have dispute items on your credit report though. All disputes would have to be resolved and verified as resolved prior to a closing.
Web Reference:  http://www.rodneymason.com
0 votes
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