Profile picture for Kikiforme

My credit score is 586 can I get a mortgage?

I have a home that is my dream home. We have had identity theft and I did not know when I started looking for my dream home. I found it out and now feel so trapped I have 3 months to obtain it due to putting it under contract and I was paying cash but now have to receive a loan for 500K to pay for the remaining 500K in cash on hand we have for the home we have the cash, great career and have paid our bills to a degree..late on some medical bills like 3 bills for pregnancy, my hubby and i credit is not good...husbands credit has student loan bills and a foreclosure. We can clean up 85% of the BAD identity theft stuff but I am afraid its not enough time to show the police report and remove the items from my credit report. I really want my home and I did not want to turn to bribing ...LOL!
  • May 14 2013 - South Bend
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Answers (4)

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  • May 04 2014
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Your case is very complicated. I am afraid you have put the cart before the horse. In simple terms, to a lender your head just doesn't seem to be above water. It possible that you are still wrestling with your past foreclosure (you need at least 3 years seasoning, 2 if you're a VET), you have unpaid medical bills ( I assume you are not in repayment with the creditors), and now you have identity theft.

I have had many cases more complicated than yours, but they were put on path and eventually were able to demonstrate that they would not be a servicing problem. Meaning we don't have to worry about you paying your mortgage on time. I don't know where South Bend is, but I would find yourself an experienced Loan Officer to guide you, because what you do or don't do will have a lasting effect. At least for the next ten years.

Best of Luck!
  • May 17 2013
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Profile picture for wetdawgs
Back up a few steps. 

First you describe that your credit issues are due to identity theft as if that is the only issue.   Next we hear that "have paid our bills to a degree"  (the only acceptable degree is 100%), "late on some medical bills", "husbands credit has student loan bills and a foreclosure".

Go back to go, yes, this dream house is just a dream.

There are many things you and your husband need to work on related to your credit besides identity theft.   When you've worked through all of those, then get pre-approved, and then start looking for a dream home that can become reality.



  • May 16 2013
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Hi,

Most the local lenders I work with will not lend below a 640 credit score. There are some that will lend as low as a 620 with ample capital reserves. If you have a established relationship with a local bank and some money to put down you may be able to do a portfolio loan.
  • May 16 2013
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