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I have a question about a conventional mortgage...
I would like to purchase a home for $150,000 with 5% down but unfortunately I have the income but not the credit score... my score is 600. Is there anyway to get financed for this? I talked to a mortgage agent and he said I had to have a score of 640 and then I could get approved for $335,000.... I don't want that much. My husband'sscore is better but he is unemployed so doesn't have the score.
Any suggestions?
Not going to happen. Sorry. Even if you had bogus info., getting it off will take at least 60 days at the quickest, but won't give you 75+ points which is the absolute min. that I've seen lately get approved according to underwriting guidelines currently out there with the majority of lenders.
You might try FHA, but I don't think they will even do 600 now that they're factoring in FICO scores.
I would also recommend waiting until you can put 20% down, but if you don't want to wait, find a lender that does manual underwriting and does not rely on a FICO score. If your single, you could always start dating someone whose father is VP of a bank. Sometimes, you just need to be creative in this tough economy.
I have a question about a conventional mortgage...
I would like to purchase a home for $150,000 with 5% down but unfortunately I have the income but not the credit score... my score is 600. Is there anyway to get financed for this? I talked to a mortgage agent and he said I had to have a score of 640 and then I could get approved for $335,000.... I don't want that much. My husband'sscore is better but he is unemployed so doesn't have the score.
Any suggestions?
FICO 600? 5% Down?
No way in hell. This has subprime written all over it.
Probably better to save 100% and get a foreclosure. I never understood why people with high incomes fall for the mortgage scam. Oh the wonderful privilege of paying double the price of inflated property.
In today's mortgage market, the only source of 95% financing is FHA which currently has a minimum credit score of 620. Sometimes a lower score will be acceptable if there are other compensating factors involved. My suggestion is to take a close examination of your credit report. You'll be surprised how quickly you can increase your score by 20 or 40 points just by doing a little home work. Address any errors, open collection accounts or judgments and charge offs immediately. Then see what can be done to lower the amount of available credit you are utilizing. You don't need to hire a professional to do this, you can do it on your own. Feel free to contact me so I can identify some specific things you can do. I'll be able to point you in the right direction and it won't cost you anything.
Don R has far and away the most solid advice so far. If you do not have the required credit score NOR the needed down payment this is no longer the kind of environment where you can find some wacky lender that'll pretty-up things for you.
Anyone that thinks manual underwriting is any more likely to result in approval has a poor understanding of the whole lending process.
Heck you could OWN a bank and with a FICO of just 600 the rest of the Board of Directors would probably veto a loan...
"Tweaking" the credit histories of those with legitmate negatives is fraud.
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