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Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Take it from a Loan Officer who knows, Lending Tree will not help you one bit. It's only good from generating leads so that lenders can try to sell you. Lending Tree will not provide the service you need, which is accurate and efficient advice on how to increase your credit score.
Assuming that everything else is ok (income, assets, down payment amount, etc,), there are options for borrowers with credit scores of 630. Most lenders will require a minimum of 640, but there are lenders out there who can lend to borrowers with credit scores as low as 580. I must warn you that the rates on loans for those who have the 580-639 credit scores are ridiculous and they are usually more conservative with other spects of your loan that can lead to the loan being denied. Some of these lenders will approve a 580-639 credit but won't allow sellers concession, or might require cancelled rent checks as oppose to a simple verification of rent, so if you pay your rent in cash, you won't be approved (these are just examples).
In my opinion, the best thing you can do is meet face-to-face with a Loan Officer and allow him/her to review your credit and all other necessary documentation. An experiened Loan Officer will be able to tell you what you can do NOW to rapidly increase your credit scores so that it puts you in a better position to qualify. We're talking about an additional 10 points or so to your credit score and you'll be over 640. This will no longer limit you to just those very very few lenders who lend to lower credit scores, but rather open the doors to just about every lender out there, so you'll have more options. By having more options, you will no longer be restricted to the ridiculous rates these that the people with lower credit scores are subject to.
If you're ineterest, I deal with this very same issue on about 50% of my clients. I am always available to meet in one of our Queens offices, should you need a Loan Officer. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797