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I have a credit score of 615. Income of around $48k per year. The only debt I have is a car loan th

the only debt that I have is a car loan that is almos paid off.  I owe $2200. I had 2 charge off on my credit.  I just paid them both.  One was $1600 and the other was for $5500.  Would a mortgage company work with that?  I would also be applying with someone who has no credit issues. 

Thank you
  • October 31 2013 - Orlando
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Answers (9)

Hello Maj

We should be able to work with your credit. Usually FHA is the best product in this situation , but each situation is different and there may be other programs. pls contact me, I can review your credit and put you in the best product that fits your needs.

I am a Mortgage Loan Specilaist and have been in this business for over 13 yrs

Thanks

Tom Bawany
REMN Inc
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  • November 06 2013
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Based on the information you've provided, you should be in a good position to qualify for a loan.  It also sounds like you've recently made some moves that will improve your credit, and your score should be well above 615 in the near future.  You could get prequalified now, or give it a few months to save up more money and let the positives reflect on your credit.  This could put you in a better loan, and also make your offer stronger.  Congratulations on making the right moves to be in position to buy a home soon!
  • November 02 2013
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Yes, contact a lender. Keep talking until you find a lender that will help you. I am in CA otherwise I would refer you to the lender I close escrows with to help you out. Good luck!
  • November 02 2013
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Profile picture for Ray Stevens
It is possible to be approved for an FHA mortgage with a 615 score.  there are a lot of other factors about your financial profile that you need to meet, but it is possible.

It is best to speak with a loan officer to discuss your options.

Call me or email me for a no obligation consultation.
  • November 02 2013
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Well I'm sure there are plenty of lenders like myself who would be glad to speak with you. But that is no guarantee that you will get a mortgage. There is a lot more of your financial information that we will have to look at in oder to determine whether or not you can get a loan. Some of these factors include income, expenses, assets, liabilities, debt, down payment, employment, as well as credit score. Also, when it comes to your credit score, you should be good. Lenders like myself have been able to give out loans with scores as low as 580. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • November 01 2013
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Profile picture for New America
Yes, you can certainly qualify for a loan with a 615 credit score but your options might improve greatly if you are able to improve your score by just 5 points to a 620.  Your lender should be able to analyze your credit report and provide insight on how you can better your situation.  Good luck!
  • November 01 2013
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Yes that is a loan that can be done. I would love to help.
  • November 01 2013
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I can help you with that.  My company can go down to 580 on FHA and VA.  Call me for more info.
  • October 31 2013
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Yes, we can work with that.  We can do down to a 580 fico.

Contact me through my profile with questions.
  • October 31 2013
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