Forgotten Your Password?

Need to Register?

Question Icon

I have a 601 Credit score

Has an approval and closing of a home ever been done withing a few months? I would like to know if my score is good enough to buy a condo next month? by chayalee2015697 from Atlanta, Georgia. Aug 5th 2017 Reply


Brian Paris (bparis)
#599 ranked lender in California - 37 contributions

Yes, if the condo is FHA approved I can do a loan in 21 days or less. Feel free to contact me. 925-698-1114

Aug 5th 2017
1
0

Thank you! I'm in Atlanta Ga and it's been difficult because of my score. They keep telling me 640. So, I'm at a loss right now, but thanks again for your response

Aug 7th 2017
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

More info needed, but in general.. you might be able to buy, but highly unlikely you can buy a condo.. with a 601 Score, you obviously have some major derogatory credit, so you would be stuck with FHA.. and in order to get FHA financing on a condo, the project must be FHA approved.. less than 5% of condo projects are FHA approved.. so you might be better off looking at a single family home. Also understand that it takes more than a credit score to obtain financing.. if you have a major derogatory event, then most have mandatory waiting periods which must be met before you can buy.. if you have judgments,,, they must be paid.. etc,, etc,, etc,, without knowing your exact scenario, it's impossible to advise you.. this is why I suggest you contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Aug 7th 2017
1
0

Thank you, my credit history is only 2 yrs old. That's the major piece of the puzzle. I have one late payment in March for 25 bucks (mainly bc I forgot) and since then I have paid off all my debt. The only other thing I can think of is that. There-on, it's been clean. It's going up little by little and since the date of my initial question posted it has gone up to 645 according to my discover credit scoreboard. Is this an accurate website to go by?

Aug 8th 2017
0
0
Subscribe to our news feed.