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loan with 605 FICO

Any know or have a loan program available:-I have a 605-Strong Income-20% down-NO current debt-My wife has an 810+ (but no income)-Home exceeds FHA limitPlease help! by SamLafoca162 from Riverside, California. Jun 25th 2015 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,516 contributions

Someone with a good credit score does not offset someone with a poor credit score. Your standard conventional loans don't work with a 605 score. You may have possibilities with FHA. My advice is to work on improving your score, then applying for financing.

Jun 25th 2015
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Jamie Lynne (nationwidelenderforyou)
#142 ranked lender in Texas - 575 contributions

If you are self employed I have an option with 20% down. If not you would need at least 620 for conventional financing and 680 for jumbos. Let's discuss your loan scenario! My number is 800 315 8803 and my name is Jamie. I have been lending nationwide since 1989 and am happy to answer your mortgage questions. Jamie - NMLS 850582 , www.bartprequalifies.com, 800 315 8803

Jun 25th 2015
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Kenneth Kopper (KenKopper)
#1 ranked lender in Maryland - 519 contributions

Sam, I would suggest getting touch with a loan officer who can help you review your credit report and identify any and all opportunities to pull your scores up as high as you can get them as quickly as possible. The 20% down payment will definitely help as you can avoid mortgage insurance which can be costly or sometimes prohibitive with lower credit scores. Having a spouse with very strong scores can be helpful in assisting you in catapaulting your scores so 605 to 705 in a short period of time is not completely unrealistic depending on your credit history What exactly would be the potential purchase price?

Jun 25th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

There are no conventional loan products that can help you.. FNMA guidelines require a 620 or above, so unless you can improve your credit score, your only option is FHA. This is why I suggest you contact a local mortgage broker.. they can assist you in getting your credit scores improved enough to get you in a position to qualify.. this service is never offered by the big banks.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 25th 2015
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