I have a 612 credit score. I need to move by July 1. I would rather buy than rent ( rent is 1400 house is 53000) . Can I get approved for a mortgage?

Asked by Nat, Chicago, IL Sun Mar 16, 2014

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6
Robert Krop, Agent, Frederick, MD
Thu Mar 20, 2014
FHA can do as low as 580, but you will need to contact a local lender as they often have additional requirements too. There is a possibility to even get your credit up if needed to be able to qualify within that timeframe. If you already have an agent, ask for a recommendation for a lender that helps people repair credit. Good luck!
0 votes
joy.r.sinegar, , Chicago, IL
Wed Mar 19, 2014
I have resources in which you can boost your credit score in a few weeks so that you are ready to purchase. Do you know why your score is low? Is there incorrect information there. It's best to contact a lender to determine how best to handle this.
0 votes
Matt Laricy, Agent, Chicago, IL
Mon Mar 17, 2014
There is only one way to find out. Contact a lender.
0 votes
Jeff Nobleza, Agent, Chicago, IL
Mon Mar 17, 2014
We need to get your credit score up to 620 first. We can likely do this is 45 days. I have a lender that can work with you to raise your credit score and get you financing.

After this lender works with you I can help you find the right home.

Feel free to contact me.

Jeff Nobleza
Baird & Warner
Jeff.Nobleza@BairdWarner.com
773-677-5340
0 votes
Deborah Scia…, Agent, ofallon, MO
Sun Mar 16, 2014
You need to call your local bank and ask them the same question. They will not charge you, they will check your credit, collect lots of paperwork from you (bank statements/pay stubs/ taxes) and tell you if you can be approved for a loan and how much. If they can't write a loan for you they may also tell you what you need to do to get approved, or refer you to a mortgage broker who can shop around a little more. I think 620 is what the VA looks for on a credit score, but the mortgage market is always fluctuating, so definitely call your local company to find out.
0 votes
aabark, Home Buyer, Port Saint Lucie, FL
Sun Mar 16, 2014
yes you can get approved. There are some first time buyer plans. just make sure your income to debt is not too high. no new credit application. also look at your credit report for any errors before you apply. Capital One 360 and Wells fargo have very liberal loan policies.
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