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In ILLINOIS with Middle Score less than 640 (632), can I get a FHA Loan?

by ILMOM24 from Chicago, Illinois. Apr 19th 2013 Reply


William J Acres (William_Acres)
#75 ranked lender in Arizona - 8,726 contributions

There isn't anyone here that can say for sure you can be approved with a 632 score.. it takes more than a credit score to get an approval.. the big question is why?? "WHY is your score so low.. if you have judgments, unpaid student loans, foreclosure, BK, etc.. all could prevent you from obtaining an approval.. also, your income, type of income, job, assets.. all will be considered prior to issuing an approval.. if you want to know for sure, you should contact a local mortgage broker and apply with them.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Apr 19th 2013
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Brady Bales (bradybales)
#6 ranked lender in Indiana - 15 contributions

Yes you can. I can go down to 620 credit score. Give me call at 317 713 9533.

Apr 19th 2013
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Ray Hazucka (r.hazucka@mybbmc.com)
#65 ranked lender in Illinois - 36 contributions

Yes I would be able to assist you. My cell is 630-390-0765. Ray Hazucka.

Apr 19th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,015 contributions

A very small limited number of lenders will "consider" someone with a middle score below 640. Credit score alone does not an approval make. Good luck.

Apr 19th 2013
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Seth Jacobs (MaineMortgageBanker)
#6 ranked lender in Maine - 113 contributions

before anything, you should have someone look into the possibility of a rapid re-score. an FHA loan with a 640 will most likely be a better interest rate.

Apr 19th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

Contact the lenders who responded on this forum.

Apr 19th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

yes you can , We will finance with a 632,

Apr 19th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

We require a min score of 640

Apr 19th 2013
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John Thomas (delawaremortgages)
#7 ranked lender in Delaware - 16 contributions

You should be able to get a FHA loan with a middle score of 632 as long as you don't have any credit items that would prevent you like large outstanding collections, unpaid judgments or unpaid tax liens. The only other issue would be if you had a foreclosure or bankruptcy then there are minimum wait times. The company I work for is Primary Residential Mortgage and we will lend with a 632 score with some minor overlays which are as follows:1) Must not exceed 31/43 debt to income ratios2) Must have 2 month liquid reserve or 6 month retirement asset reserve3) File is manually underwritten by underwriterJohn ThomasPrimary Residential MortgageNMLS 38783http://www.DelawareMortgageLoans.net

Apr 19th 2013
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Patty Harrison (PattyHarrison)
#93 ranked lender in Illinois - 64 contributions

Yes, we can help you. We work with lenders that will go as low as a 580 score as long as you have cancelled rent checks; at 600 and above rent checks are not always required. Please give me a call 630-788-6200 or vist my website. I look forward to working with you!

Apr 19th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

yes we have programs down to 580.

Apr 19th 2013
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Craig Prickett (cpmtgnow)
#160 ranked lender in Florida - 97 contributions

Yes we can down to 620. If need help getting score up I have a company that will assist you with that Craig 954 558 4430 www.firstfloridafin.com

Apr 19th 2013
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Gene Mundt (genemundt)
#63 ranked lender in Illinois - 30 contributions

Depending on your credit history, you might be able to consider a Conventional Loan too. Plus, should you get your credit score a bit higher, the cost of your loan will go down. It's best to talk to a Mortgage Lender so ALL mortgage options can be considered for optimum benefit for your personal financial scenario. Rapid Re-Score might be an option that could prove beneficial, as was suggested elsewhere. I would be happy to look into your financing options and discuss them in detail with you so you know how and when to proceed with a purchase ... and what the best mortgage program for you would be both now and into the future. You can reach me through any of the following: Direct: 815.524.2280 Email: gmundt@goapmc.com or go to my website at: www.genemundt.com. I hope to talk to you soon ...

Apr 19th 2013
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Rod Atkins (Rod_Atkins)
#96 ranked lender in Illinois - 5 contributions

Greetings. Hope this reply reaches you well. Are you looking to purchase or refinance your loan first and foremost? Feel free to visit my website and contact me. I would be happy to discuss your loan scenario so whichever direction works best for you, we can dig deep to determine your best course of action moving forward.Enjoy your weekend and looking forward to hearing from you.Kind regards Rod Atkins

Apr 20th 2013
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