I live in Tn and a first time buyer with a 604 can get a mortage?

Asked by D_b1, Memphis, TN Sun Jan 16, 2011

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Jimmy Thomps…, Agent, Memphis, TN
Sun Feb 13, 2011
Jimmy Thompson
Both Wells Fargo and Quicken Loans confirmed last week that they
will now lend to applicants with 580 FICOs and 3.5 percent down
payments.
http://www.jimmy-thompson.com
FICOs and FHA: 2 big lenders loosen up | Inman News
http://www.inman.com
Wells Fargo, Quicken Loans revise credit, down payment requirements. Here's some unexpected good news for anybody working to get buyers into houses, especially first-timers who don't have much down payment cash on hand: The door to an FHA-insured mortgage just opened a little wider.
Jimmy Thompson Keller Williams Realty
1255 Lynnfield Rd. / Suite 100 / Memphis, TN 38119 901.
729.3415 Direct
901.484.4539 Mobile
901.261.7900 Main
901.261.7999 Fax
jimmythompson@kw.com
http://www.jimmy-thompson.com/
0 votes
Rasheedah Jo…, Agent, Memphis, TN
Mon Jan 17, 2011
Congratulations on your pursuit to homeownership! Provided your mid score is at least a 600 you would be able to look at possibly qualifying for a mortgage loan. However, without reviewing the credit report(s), one cannot assume the ability to qualify based on score alone. Other factors are considered such as employment history and status, income, debt to income ratios among other details. However Todd is correct in suggesting you consider Wells Fargo as your lender as they do review scores as low as a 600. I have closed many loans with our Wells Fargo professionals here in Memphis. I am certain Todd can provide you with the contacts you need. Happy hunting!
0 votes
Joe Spake, Agent, Memphis, TN
Sun Jan 16, 2011
620 is, indeed, the threshold credit store. I suggest you talk with a qualified loan officer, who should be able to give you some no-cost, effective credit counseling, and help you maximize your score. Remember, higher scores get you lower rates, so it really pays off to work on your credit. I will be happy to pass along the names of some great mortgage folks. Please feel free to contact me.
Web Reference:  http://joespakeblog.com
0 votes
Charles Woods, , Memphis, TN
Sun Jan 16, 2011
You need a 620 credit score. But if you have a 604 score right now it is probably an easy fix to get you up to 620. Email me and we can discuss what you need to do in detail. Just so you know I work with buyers for free!!
0 votes
Todd Harris, Agent, Cordova, TN
Sun Jan 16, 2011
Provided that all other criteria are good, you can get a mortgage with Wells Fargo. They are aggressive about entering the TN market. Contact me for a loan referal contact. Todd Harris 901-299-7094
0 votes
Stephen Ande…, Agent, Memphis, TN
Sun Jan 16, 2011
You need a 620 but there are a couple of small things you can do to get your score up to a 620. Send me your email address & I will go over them with you.

Stephenanderson@kw.com

Thanks!
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Sun Jan 16, 2011
Have you spoken to a local lender yet? This should be your first stop. If the 1st one can't help you try another. You could also contact a local Realtor who may be able to guide you to a lender they are aware of.
0 votes
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