Home Buying in 46410>Question Details

afullilo, Renter in Gary, IN

Is it possible to secure a mortgage loan with credit scores near 600, midscore just below?

Asked by afullilo, Gary, IN Fri Jan 18, 2013

Me and my fiance are trying to get a home loan. We are still working on our credit, but now are at near 600 scores. We know it would better to wait to get better interest rates, but we must move from our rental house and purchasing even with a high apr would be significantly cheaper than renting in this area. If there are place what are they??

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The 2 Mortgage Guys’ answer
do you know why your credit score is around 600? honestly it's better if your credit score is above 640 before you start the loan process. with a score below 640 you could have a higher interest rate and the fees could be higher. we recommend you go to http://www.credit12.com/the2mortgageguys

Credit 12 is a credit resource center that helps individuals understand and correct credit problems. use the link above to gain FREE access to Credit 12. if you have any questions please contact us at: contactus@the2mortgageguys.com
1 vote Thank Flag Link Sat Jan 19, 2013
YES! I can help you with a FHA Loan...3.5% down with credit scores as low as 580. You'll be amazed at our rates too! Contact me - I would love to help you.

K.C. Jones
RH Lending
0 votes Thank Flag Link Mon Jan 21, 2013
Yes it is possible. I have a banker that lands his own money and he can help you.
0 votes Thank Flag Link Sat Jan 19, 2013
Hello if you can assist me, I would appreciate the help also. My husband is a teacher and has been one for 14 years, he has credit scores of 590-612. He is a first time home buyer and we are seeking a fha mortgage. Lake County Indiana.
Flag Thu Jul 18, 2013
Hi Afullilo, With interest rates as low as they are right now, mortgage rates are better than rents. You stated you and your fiance are working on your credit. What is on your credit that is keeping your score from going above 600. Give me a call so we can see how we can get your score around 620 and put you in a position to buy a home and reduce your monthly payments.

Carmen Howard
RedKey Realty Leaders

0 votes Thank Flag Link Fri Jan 18, 2013
Good question, I would suggest talking to a mortgage broker. FHA requires a 640 credit score. And a down payment of 3.5 percent plus closing costs of 3%. You may be able to get the seller to help you with 3 to 5% towards closing costs and/or down payment. The mortgage broker can assist you with the answer. Either way, you will still have to "season" the money in your account for at least 90 days. The full 6.5%. This is my understanding, as I said before, a mortgage broker or bank can help answer this question for you. Feel free to email me or call me @ 219-746-4098 and I can give you names and numbers for a few mortage brokers.
0 votes Thank Flag Link Fri Jan 18, 2013
The answer is "Yes" If you would like to receive more detail please just inbox me.
0 votes Thank Flag Link Fri Jan 18, 2013
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