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Asked by Jljb, New York, NY Thu May 31, 2012

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Answers

8
Anna M Brocco, Agent, Williston Park, NY
Thu May 31, 2012
Most lenders prefer a 640 score, however there may be others willing to work with less. For a personalized answer regarding mortgage qualification, visit with any licensed loan officer.
1 vote
, ,
Mon Jun 4, 2012
Chris,
I didn't realize the Trulia Q&A section was a forum for personal attacks. Hmm...

I looked at your Trulia Profile where you list you are employed by Continental Home Loans. CHL is NOT one of the BIG BANKS to which I referred; CHL is a Local Mortgage Banker, just like my company. (BTW, tell Mike I said, "HEY! What's Shakin'!")

I consider CHL to be one of my truly legitimate competitors here in the NY Metro Region; I have a lot of respect for your firm. But I didn't realize their MLO's were wont to making personal attacks on their competitors on the internet. Very interesting. Also, how is it that you are a a Licensed MLO working for a HUD Approved Lender and yet you are ALSO a Licensed Real Estate Broker? I thought this was prohibited by HUD? I guess I'm wrong about a lot of things...

Trevor Curran
NMLS #40140
0 votes
Chris L. Chr…, , New York
Mon Jun 4, 2012
Trevor,

My NMLS#13540 is significant and I work for one of those "big banks", listed on NASDAQ.
Yes, we lend to people with lower scores than 640 for an FHA purchase.

Please do not use this medium as a means to further your cause without knowing the facts.
The difference in our NMLS numbers is apparent. I earned mine well before you.
0 votes
, ,
Fri Jun 1, 2012
Good afternoon,

Minimum Credit Score for most Lenders in the New York area is 640, although some Lenders have higher credit score requirements. In addition, the loan you are requesting may have higher credit score requirements (such as an FHA 203k Rehabilitation Loan).

Best bet is to speak with a Local Mortgage Banker. We're Licensed and dedicated to helping clients get straight answers and mortgage financing.

Stay away from the BIG BANKS, as the Loan Officers there are only registered, not licensed and you'll be lucky to get a return phone call, even with stellar credit.

Trevor Curran
NMLS #40140
0 votes
Chris L. Chr…, , New York
Thu May 31, 2012
Scores can be lower than 640 as stated below. Exceptions are granted by underwriters if there is a reasonable explanation for the lower score. There are many reasons e.g. People run into financial difficulties because of a job loss or cut back. Once they get back to work full time and slowly catch up on their debts.
0 votes
Elan Gavish, Agent, New York, NY
Thu May 31, 2012
Hi,

The minimum credit score is 640 but i suggest speaking with a mortgage broker or banker. We have direct mortgage bankers who work directly with Wells Fargo here at Douglas Elliman so please let me know if you have any more questions.
0 votes
Joseph Hasti…, Agent, Bayside, NY
Thu May 31, 2012
Hello Jljb. Spend a little time researching and you'll have your answer. I strongly advise you talk with a mortgage professional in your area as soon as possible. In the meanwhile, check out the FHA website. Good luck.

http://fhagovernmentloans.info/
0 votes
Ella Chavers, Agent, New York, NY
Thu May 31, 2012
This is a question for a mortgage broker Robert Fetten 917-991-0056 at Wells Fargo.
0 votes
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