590 mid credit score. 615 mid fico. Need a mortgage in OKC, oklahoma

Asked by Tiffany Cunningham, Washington, PA Sat Jun 15, 2013

I am trying to get a mortgage for my first home. I have 3.5% down but I know there are some programs for down payment assistance in oklahoma but I don't know I would qualify. I need pre-qualification to even look at the house I want. Anyone know of a company I can be approved with a 590 credit score (was told by a broker my fico is 615.

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Anita Gill, , Oklahoma City, OK
Wed Jun 19, 2013
Give me a call and I will see if I can help you. Anita Gill 405-215-1174
0 votes
Curly Sue, , Texas
Mon Jun 17, 2013
You can probably get the Seller to pay your closing costs & go FHA with 3.5% down.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Mon Jun 17, 2013
Good afternoon Tiffany,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Melissa Dana, Agent, Oklahoma City, OK
Mon Jun 17, 2013
Few options, I like Michael Clutts with City Wide 405-595-1764. Or you can click Find a Pro in the top right which will point you in the right direction.

Good luck
0 votes
Josh Barnett, Agent, Chandler, OK
Sat Jun 15, 2013
Call Kurt Swink, Owner of Financial Concepts Mortgage at 405-722-5626.
Web Reference:  http://www.GetSoldOKC.com
0 votes
Delena Day, Agent, Moore, OK
Sat Jun 15, 2013
Keith vinyard at first united bank. He has bond money and has a lot of expierience with first time home owners. If you would like to call him, let me know, and I will send you his number.
Delena Day
Realty Experts.
0 votes
John Phillips, , Oklahoma City, OK
Sat Jun 15, 2013
Hi Tiffany:

I did forget to mention in most cases the seller will pay your closing cost so all you will need is the 3.5% down:

John Phillips
0 votes
John Phillips, , Oklahoma City, OK
Sat Jun 15, 2013
Good afternoon;

I have 2 mortgage companys that will get you a loan with a 580 credit score: To be able to down payment assistance I believe you will ne a 640 credit score:

Contact me about the mortgage companies and I will get them you information:

Thank You
john Phillips
Re/Max Preferred Properties
405 413 0791
0 votes
Ryan Hukill, Agent, Oklahoma City, OK
Sat Jun 15, 2013
Call Brooke Hukill at 405-802-8774, or you can get started online at: http://www.fmbankmortgage.com/bhukill

She's the best in the biz.
0 votes
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