I have a 600 credit score with a good down payment. Is there a chance that I'll qualify for a mortgage?

Asked by Socialbee, 01805 Wed Nov 16, 2011

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Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Wed Nov 16, 2011
Currently as of today, I have an outlet for you actually.

You'll need three months of reserves after all your funds are sourced to close as well as three tradelines that are twelve months old or longer. There are some other basic criteria but those two above are the main sticking points usually.

This will be via an FHA loan, your down payment will be 3.5%. You can contact me at 847.404.7006.

Disclaimer: In the weeks/months/years to follow, this information may not be accurate, please ask for confirmation at that time (my profile --> email or call).
Web Reference:  http://RobWeber.com
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Sally Grenier, Agent, Boulder, CO
Wed Nov 16, 2011
Unfortunately, no. You need a minimum of 640. Why not take some of that "good down payment" money and use that to pay down, or pay off some of your debts? You should sit down with a lender who can review all of your financial info, and give you an idea of what it will take to bring your score up. Good luck!
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