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I have 610 FICO and need a mtg in 6 months

I am using a hard money loan for a house and remodeling, due in 6 months. I currently have a 610 FICO score and tryinig to clean it up. The house is appraised at 95k and I only need a 55k mortgage. What steps can I do to make sure I am able to get financed in 6 months?

  • December 23 2008 - Pittsburgh
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Answers (7)

Best Answer

James, I would say the best way to handle this is to contact an experienced reputable mortgage broker or banker now. Have your credit report pulled and the broker can put you on the right track to be able to help you obtain a loan in 6 months. With a 610, you are very close if not already in a position where you may be able to obtain financing. Of course, this is contingent on what derogatory credit is on your report and what steps you take. Six months is usually enough time to remedy most situations unless you've recently had a bankruptcy or foreclosure, in which case you may not be able to obtain anything other than a hard money or subprime loan at this point. Best of luck. 
  • December 23 2008
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start asap. I used to deal with hard money loans. they are a pain in the you know what. Please be sure this is a reputable company because the majority that I knew of, they even began ignoring my calls and I was the Broker calling on the stats of my clients. Also, make sure you get EVERYTHING they ask(paperwork) in exactly to the letter and asap. They will usually use it against you later.Don't give them any excuses for no answers in a timely fashion. Don't put all your eggs in one basket ither. I know your credit can't take many more hits on it but don't be a fool. go with your gut. good luck,sir
  • June 03 2009
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James - There are programs out there for scores as low as 580 so 610 isn't out of the question.  Typically mortgage banks are the only place you will find it possible to get loans done under 620.  You will get a much better rate at 620 and above however.  I see your 6 months is about up.  Hopefully you've taken the advice of Aaron and others on this page and your score has improved.  Good luck to you!
  • June 03 2009
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I would definitely recommend (2) things. #1 is contacting a reputable mortgage broker immediately. There are lots of programs out there to assist consumers with not so great credit and a good broker will be able to help find the right one for you. #2 is recommendation is using a professional credit repair company to help raise your credit score. My sister used this company www.thecreditbar.com and was able to raise her score from 550 to over 670 in about months.
  • May 26 2009
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Here is a link to free credit repair information.

Credit Repair Information
  • December 23 2008
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The best way to get more information and have a lender help you is contact one on zillow, post a quote and go for the best lender.  Good Luck to you.
  • December 23 2008
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Get financed now!

if the home is not owner occupied you are getting in way over your head as an investor loan with a 610 credit score will be a long shot at best.  An FHA loan would be a good fit but the property needs to be owner occupied.  Rates are around 5.5% with 0 points.
  • December 23 2008
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