Profile picture for QuirkMK

617 MID score, wait or go for loan now?

First time buyer here. My mid score is currently at 617, it was pulled by a mortgage lender but his company will not allow him to write the loan if I am under 620. Is there anyone out there that would finance me at this score? I am also doing the 6% down payment option using the First Home/PLUS program with IHCDA, so the lender would need to be registered with them as well. I have found a property where the seller will most likely be willing to pay all closing costs, so I really want to jump on this property as i could most likely get in it with no money out of pocket. I have done my research and know what to expect to pay in PMI, homeowners insurance, and property tax on this home.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 01 2011 - Indianapolis
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

For certain borrowers Wells Fargo is going down to 600 scores. I don't believe IHCDA - regardless who the lender is - will allow a score under 640 but someone at IHCDA can better clarify that question for you. Hope that helps and best of luck in your home purchase.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 02 2011
The lending guidelines have changed recently and the credit score requirements are higher. You're pretty close....you may want to ask your lender for some tips on improving your CS, such as paying off any outstanding balances on credit cards and paying on time.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 01 2011
 
Related Questions
How do I get utility bill history for a property that is for sale?
Profile picture for Sam Shueh
Latest answer by Sam Shueh
3 days ago | 5 answers
Signed a purchase agreement with a builder but want out due to a disagreement.
Profile picture for Sam Shueh
Latest answer by Sam Shueh
June 13 | 4 answers
I have a 580 credit score and need approved please help
Profile picture for Brian Nguyen
Latest answer by Brian Nguyen
June 04 | 2 answers
What is the minimum age a person can own a home in Indiana?
Profile picture for Stuart Drake
Latest answer by Stuart Drake
May 11 | 1 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 4215 Evanston Ave, Indianapolis, IN Home For Sale
    4215 Evanston Ave, Indianapolis, IN 46205

     For Sale: $45,000

    • Beds: 3
    • Sqft: 1408
    • Baths: --
    • Lot: 3707
  2. 1726 N Gladstone Ave, Indianapolis, IN Home For Sale
    1726 N Gladstone Ave, Indianapolis, IN 46218

     For Sale: $30,000

    • Beds: 2
    • Sqft: 660
    • Baths: --
    • Lot: 5619
  3. 3010 Stuart St, Indianapolis, IN Home For Sale
    3010 Stuart St, Indianapolis, IN 46218

     For Sale: $35,000

    • Beds: 3
    • Sqft: 875
    • Baths: --
    • Lot: 5358