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Answers (5)
- chris330r
- Contributions:2
Thanks to all the answers & helpful advice. I got pre-approval!! My Loan Officer has approved me for $77,000 and will work to get the credit score up those 2+ points needed. It is an FHA loan btw.
I paid off all my credit cards recently and some aren't yet reflected in my credit report---but with letters obtained from the creditors, LO can get those to credit bureau asap to get the score up quicker than waiting for the monthly update.
Once again, much thanks for your advice! Now I can breathe again...and start shopping for a home! :)
I paid off all my credit cards recently and some aren't yet reflected in my credit report---but with letters obtained from the creditors, LO can get those to credit bureau asap to get the score up quicker than waiting for the monthly update.
Once again, much thanks for your advice! Now I can breathe again...and start shopping for a home! :)
- DiamondFundingCorp
- Contributions:454
Chris,
Ran your scenario. We have 5 lenders that will loan to you on a condo with this credit score.
Getting your score over the magic 640 mark may be possible once your credit report is analyzed.
The most important consideration for you is, why is your score so low. You may want to fix the "situation" that is causing such low scores.
Ran your scenario. We have 5 lenders that will loan to you on a condo with this credit score.
Getting your score over the magic 640 mark may be possible once your credit report is analyzed.
The most important consideration for you is, why is your score so low. You may want to fix the "situation" that is causing such low scores.
- Glen Schwam, "Glen Schwam"
- Contributions:2
FHA may be the way to go. But under 640 makes it a little harder when obtaining financing. Their are some lenders that may do it, but they may also charge you a premium as well. Good luck.
- Candace Camacho, "CandaceCamacho"
- Contributions:420
Hello Chris, Have you looked into FHA Loans? Take a look at this link for more details http://www.zillow.com/fha-loan/. Thanks, Candace Zillow Customer Support
- shapiroamg
- Contributions:3058
You can get a mortgage with a 630 score but you will be limited. Not many lenders are going under 640 and 660. Also a mortgage on a condo could be another challege. I would suggest sitting with a local loan officer who can pull your credit and double check the score. They can also review your report and see if there is anything that might be done to correct the report and possibly raise the score.
Can I get a mortgage with 638 FICO score?
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