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Looking for a mortgage in Wisconsin with a 620 Credit Score

Looking to buy in the next 5 monhts, current score is 620. I do have one credit cart that is 75% utilization that I will be paying off in the next month. I have 10% down and was wondering what my options are. by BDstars04 from Thiensville, Wisconsin. Sep 19th 2013 Reply


Brad Tindal (Brad.Tindal)
#43 ranked lender in Wisconsin - 9 contributions

You have several options that would be best discussed in person. Also, before you pay off any credit cards it would be best to have your credit pulled to see if its better to use the money else where. I would be happy to discuss your options with you. I am a local lender out of Brookfield WI. Email me at brad@trustprovidence,com

Sep 19th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Sep 20th 2013
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Pete Cannon NMLSR ID 400610 (wisconsinmortgages)
#36 ranked lender in Wisconsin - 3 contributions

We can do a conventional loan with a 620 however you would need 20% down the other 10% could be a gift but you could go Fha with 3.5% down and a 640... there are other programs as well that you may consider...focus on improving your credit... I would be happy you give you free advice...good tor you that you saved 10%

Sep 19th 2013
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Kiernan Brown (KiernanBrown)
#50 ranked lender in Michigan - 149 contributions

Your score may go up. Regardless you might want to check out a conventional mortgage. The rate may be higher than an FHA Mortgage but you will save in the difference of the Mortgage Insurance. Some may say you can not get MI. There are MI companies that will provide the mortgage Insurance, make sure you compare the payment and cost of an FHA and Conventional Loan.

Sep 20th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

Paying the credit card down to less than 30% of the limit should improve your score some, I agree 100% with dmoises - do NOT close the card. Depending on the rest of your qualificaitons, with 10% down you shouldn't have too much trouble qualifying for a mortgage - either FHA or possibly conventional. Which option makes the most sense will likely depend on your debt ratio's and reserves. The type of income you have is important as well. pdumouchel@primelending.com or 843.619.6025 - feel free to contact me with other questions.

Sep 20th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Sounds like you qualify for FHA. 3.5% down. Congratulations! - Andrew

Sep 20th 2013
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We are able to consider financing a home down to a 580 middle credit score. Please contact me if you would like to discuss your situation further. Sincerely, Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211, Licensed in WI262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.comwww.MyProspectMortgage.com/mfritsche

Sep 23rd 2013
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