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Can a FICO score of 600 buy really anything these days?

by simonearian from Chicago, Illinois. Jul 6th 2011 Reply


Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

yes i still can do loans at 600 score, as long as there are some good trade lines that are active

Jul 6th 2011
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Richard Glover (rglover)
#36 ranked lender in Illinois - 69 contributions

Yes, this is possible! Some FHA lenders will allow a credit score down to 580. You will need established credit. It will be a very thorough process and you should be prepared to document any blemishes on your credit and proof that you have moved past those issues. Strong income, low debt to income ratio, or higher down payment and avaiable reserves after closing will be good compensating factors. You may also consider working with a credit repair company to see if you can improve your score. It might be something simple that most lenders can use a modeling software to tell you what actions might improve your credit score.

Jul 6th 2011
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Brenda Casas (BrendaCasas)
#16 ranked lender in Nevada - 11 contributions

Yes it can, you might just need to work a little harder to either improve it (which can be done, you can easily gain 20-100 points by making a few changes to your debt/credit ratio) or you are able to provide good trade lines/steady timely payment history.Don't lose hope!

Jul 6th 2011
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