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.
  • June 01 2011 - Indianapolis
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Answers (2)

Profile picture for BartMedlock
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.
  • June 02 2011
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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.
  • June 01 2011
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