I want to purchase a home by August 2012 but my credit score is 612. How can I get a loan?

Asked by Lakita Coleman, 60430 Fri Jun 22, 2012

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Synthia Noble, Agent, New Lenox, IL
Tue Jun 26, 2012
It is a GREAT time to be a buyer! Definitely talk to a lender to determine your options. Ask them about programs that might be available that can help with down payment.
I can recommend First Mortgage, Tim Trauscht is great to work with and if your score needs to go up a bit he can direct you on how to get up to where you want to be. 708-359-5169.

I would also suggest you find a real estate agent. It can take months to find just the right house. then at least 30 days to close after you are under contract. if you happen to put in an offer on a Short Sale, it can take many months to get to the closing table.

check out my website if you would like to start browsing current listings in your areas of interest, no cost, no obligation just current information. http://snoble.illinoisproperty.com

when you are ready to talk to realtors, talk to 2 or 3. Ask questions - how long have they been in the business, are they full time, are they primarily a buyer's or seller's agent, where are they located, etc. Treat finding a realtor like a job interview, you want to find someone that you feel comfortable with because you will be spending a lot of time with your agent :)

contact me if you have questions
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Mon Jun 25, 2012
Depending on your other factors, I work with several mortgage brokers who may be able to help you. Also, there may be a few quick fixes that can help you get over 620 and you will have more options.

I would be happy to help you find the right path. Please feel free to contact me.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
0 votes
Gene Mundt, Mortgage Broker Or Lender, New Lenox, IL
Sun Jun 24, 2012
Craigfann1526: If you hope to buy a home that soon, you need to contact a mortgage lender immediately and get started. That would be the case, even if your credit score was higher. In this market, lending just takes longer to successfully complete.
That said, for the best mortgage options available to you, you need higher credit scores. The good news is that you are not that far away from acceptable scores and channels exist that might raise your scores more quickly, is utilized. In order to definitively answer that though, a full credit report must be run and an analysis completed. For that you need to actually talk to me. And that is what I suggest ...
Contacting me is easy. You can do so through Trulia ... or via my website: http://www.genemundt.com.
Again, should you hope to buy a home any time soon, you need to act quickly. I hope to hear from you soon,
Web Reference:  http://www.genemundt.com
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Edith Karoli…, Agent, Winnetka, IL
Sat Jun 23, 2012
First of all you need to connect with an experienced Mortgage Broker, who based on many more items of information, credit score yes, but also all your other obligations you may have (car payments and other......) and your income etc. to then be able to explore all the available options.

All this information will also allow the Mortgage broker to establish what amount of property you will
be able to purchase and how much down is going to be required and what your interest rate and points may be....

So make sure you get all the professional help you can get....
A good experienced Realtor to find the right property and guide you through the process and a very good mortgage loan Officer to from the start put the options you have in front of you, before even
looking at properties.

Good Luck to you
Sincerely yours,
Edith YourRealtor4Life! and Chicago and North Shore Connection
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike
Covering most if not all of the city of Chicago, the fine homes on the North Shore, and all N and
NW suburbs and many of the W and SW sub as well.

EdithSellsHomes@gmail.com EdithDoesItRight@yahoo.com (preferred)

@Properties Chicago and Northshore 30 Green Bay Rd Winnetka Illinois 60093
web htttp://www.tinyurl.com/MeetEdithHere (search for properties, contact me,
get to know me and my expertise and services :)
Have the most wonderful Day.....
0 votes
Karen Patter…, Agent, Homewood, AL
Sat Jun 23, 2012
Karen Patterson, Broker, Homewood, IL
A good mortgage consultant will be able to tell you not only what programs you qualify for but also what your buying power will be. At Baird & Warner, we have an in-house mortgage professional who can review your options with you and get you answers right away. I will be happy to set up a meeting for you at no cost and no obligation so you can find the solution that works best for you. Fall is right around the corner!
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Gregorio Den…, , San Diego, CA
Fri Jun 22, 2012
You apply for an FHA mortgage with a competent lender in your area. The 612 score does not disqualify you from a FHA mortgage; whether you qualify or not will be based on your entire financial profile not just your credit score.
Web Reference:  http://WeFixRates.Com
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